As has been the trend this earnings season, quarterly mortgage originations subsided at Lake Michigan Credit Union. But servicing and staffing slightly expanded.
During the period from July 1 through Sept. 30,
home lending activity came to 3,546 loans closed for $0.708 billion.
That was according to data provided as part of the credit union’s participation in the Mortgage Daily Third Quarter 2015 Mortgage Origination Survey.
Business slacked off versus the second quarter, a period that saw 3,753 loans funded for $0.755 billion.
Activity accelerated, however, from the same three-month period in 2014, when 3,007 loans were closed for $0.595 billion.
Year-to-date Sept. 30, 2015, production added up to 10,199 loans closed for $2.054 billion.
During the latest three-month period, $0.576 billion in business came from the retail channel and another $0.132 billion was generated through the correspondent channel.
Lake Michigan reported a
mortgage servicing portfolio of 50,352 loans for $7.723 billion as of Sept. 30, 2015.
The Grand Rapids, Michigan-based entity saw the number of loans serviced diminish from three months earlier, when 50,693 mortgages were serviced. But the balance of those loans was up from $7.422 billion.
The servicing portfolio was bolstered from 42,840 loans serviced for $6.358 billion a year earlier.
Included in the third-quarter 2015 servicing portfolio were $2.142 billion in home loans owned by the credit union and another $5.581 billion in mortgages serviced for third parties.
Mortgage headcount at Lake Michigan finished last month at 291 people, one employee more than at the the end of June.
Staffing has significantly expanded from 145 employees as of Sept. 30, 2014.
