Despite a quarterly slowdown in home lending at Movement Mortgage LLC, annual business more than doubled. Staffing expanded proportionately.
During the final three months of last year, residential loans originations totaled 10,205 units closed for $2.105 billion.
The figures, along with other operational details, were provided as part of the Mortgage Daily Fourth Quarter 2015 Mortgage Origination Survey.
Business was down from the third quarter, when 14,577 mortgages were funded for $3.096 billion. (after the publication of this story, Movement Mortgage Financial Analyst Charles Floyd indicated that the company mistakenly reported application volume for the third quarter; closed-loan production was actually just 10,719 loans for $2.23 billion)
But the
Virginia Beach, Virginia-based lender has grown compared to the fourth-quarter 2014, when volume came in at 6,178 loans for $1.223 billion.
Full-year 2015 home lending amounted to 41,821 loans for $8.692 billion. (as a result of the revised numbers, corrected full-year 2015 volume was 37,963 loans for $7.826 billion)
Business more than doubled versus 2014, when 22,041 loans were originated for $4.332 billion.
All of Movement Mortgage’s production is currently generated through the retail channel.
As of Dec. 31, 2015, Movement Mortgage serviced 1,112 loans for $0.218 billion.
The servicing portfolio expanded from 820 loans for $0.164 billion the prior quarter
but was smaller than $0.500 billion as of Dec. 31, 2014.
The
Dec. 31, 2015, servicing portfolio included $0.006 billion in loans owned by the company and $0.212 billion in loans serviced for third parties.
Staffing finished last year at 3,015 employees. Headcount has grown from 2,634 people three months earlier and
1,565 people one year earlier.
