Despite a decline in quarterly correspondent mortgage business at Lake Michigan Credit Union, overall activity accelerated thanks to a surge in retail production. Servicing and staffing also ascended.
The
Grand Rapids, Mich.-based organization made 3,753 residential loans for $0.755 billion during the three months ended June 30.
That was according to operational numbers submitted as part of the financial institution’s participation in the Mortgage Daily Second Quarter 2015 Mortgage Origination Survey.
New business
was better than in the first three months of this year, when Lake Michigan funded 2,900 loans for $0.591 billion.
Mortgage production also increased from the second-quarter 2014, when the credit union closed 2,440 loans for $0.454 billion.
During the entire first-half 2015, home lending activity amounted to 6,653 loans for $1.346 billion.
Retail production totaled $0.604 billion during the second-quarter 2015, more than the $0.418 billion in originations from the channel three months earlier.
But correspondent acquisitions fell to $0.151 billion from $0.172 billion in the first quarter.
Lake Michigan said it serviced 50,693 mortgages for $7.422 billion as of mid-2015.
The portfolio
grew from 46,234 loans serviced for $6.965 billion as of March 31 and 40,885 loans serviced for $6.010 billion as of June 30, 2014.
The June 30, 2015, servicing portfolio included $5.332 billion in third-party servicing and $2.090 billion in loans it owned.
As of the most-recent date, there were 290 mortgage employees on staff.
Headcount
expanded from 280 people three months earlier and 251 employees 12 months earlier.
