While home lending at Lake Michigan Credit Union did fall short in a quarter-over-quarter comparison, the decline was minimal. But servicing — and especially staffing — surpassed prior quarter counts.
Altogether, Lake Michigan’s produced 2,946 new residential loans at $0.594 billion in the three months that closed out 2014.
Combined with the prior nine-month production volume, Lake Michigan’s four-quarter total for the year reached 9,941 loans at $1.919 billion, off from 11,544 loans originated for $1.958 billion in 2013.
The fourth-quarter production total, which the lender listed in the Mortgage Daily Fourth Quarter 2014 Mortgage Origination Survey, included 2,183 retail originations at $0.413 billion. The remaining loans were garnered through correspondent acquisitions.
Business dipped from the prior three-month period, when the mortgage provider closed 3,007 home loans that tallied a mere $0.001 billion higher.
Production volume was 1,765 loans for $0.311 billion in the fourth quarter 2013.
As of Dec. 31, 2014, the credit union serviced 44,786 loans at $6.706 billion. The majority of loans were serviced for investors, while owned loans accounted for $1.777 billion.
Overall, the servicing portfolio grew from the 42,840 loans serviced at $6.358 billion as of Sept. 30. last year.
At the end of 2013, the servicing portfolio stood at 38,448 units for $5.640 billion.
As of the recent quarter’s end, staffing increased to 267 compared to the 145 team members that Lake Michigan reported for the end of September.
