Quarterly mortgage production tumbled at Lake Michigan Credit Union, while mortgage staffing was unchanged. But loan servicing expanded.
After the publication of this story, Lake Michigan Credit Union provided revised fourth-quarter 2015 production data. John Collins, vice president of secondary marketing, provided the following explanation:
“It looks like I accidentally included September’s numbers in the survey I originally sent you.”
The story has been revised to reflect the corrected information.
Home lending activity during the three months that ended on March 31 of this year totaled 2,084 loans for $0.391 billion.
The Grand Rapids, Michigan, firm provided the numbers as part of the Mortgage Daily First Quarter 2016 Mortgage Origination Survey.
Business plummeted from the final quarter of last year, when the credit union closed
2,614 loans for $0.501 billion.
Mortgage originations were also less than in the first-quarter 2015, when 2,900 loans were funded for $0.591 billion.
Lake Michigan generates all of its business through the retail channel.
As of March 31, 2016, the financial institution said it serviced 52,606 residential loans for $8.086 billion.
The mortgage servicing portfolio
stood at 51,732 loans for $7.964 billion three months earlier and 46,234 loans for $6.965 billion a year earlier.
Lake Michigan reported that its mortgage staff finished last month at 315 people.
Headcount
was no different than at the end of last year but more than 280 employees at the same point last year.
