Navy Federal Credit Union increased home lending over the first quarter. As well, mortgage servicing and employment were up.
At the close of the second quarter, Navy Federal originated 7,641 loans at $1.828 billion. All residential home loans, which were reported for Mortgage Daily’s Second-Quarter 2014 Mortgage Origination Survey, came through retail lending activity.
The credit union’s loan production increased approximately 44 percent over the last quarter and brought the year-to-date activity through June 30 to 12,971 loans for $3.096 billion.
Navy Federal, like many lenders covered by Mortgage Daily, funded less volume in the latest quarter compared to the three months ended June 30, 2013. During that timeframe, the lender provided $3.058 billion in home loans.
Founded in 1933, the credit union serviced 196,781 loans at $38.244 billion as of June 30.
Included in this total were the 88,917 loans in its investment portfolio at $18.063 billion. The lender also conducted third-party servicing for 107,864 loans at $20.182 billion.
Altogether, the lender’s servicing portfolio increased by $0.801 billion compared to the servicing portfolio reported as of March 31.
Servicing data as of June 30, 2013 was unavailable.
In its home loan department, Navy Federal accounted for 916 employees by the time June ended.
As a result, the five-million member credit union gained 33 more staff members compared to the number reported as of March 31.
Employment numbers as of June 30, 2013, were unavailable.
