Annual home lending increased at Navy Federal Credit Union, as did its mortgage servicing portfolio. There was, however, a slight quarter-over-quarter drop in residential production.
The Vienna, Virginia-based financial institution serviced 280,980 single-family loans with a collective unpaid principal balance of $60.476 billion as of year-end 2017.
Those details, along with other operational metrics for its home-lending business, were divulged as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.
Navy FCU’s servicing portfolio has grown from the end of September, when 267,394 loans were serviced for $56.521 billion. It was also up from year-end 2016, when the portfolio stood at 246,643 loans for $50.706 billion.
Residential loan originations during the three months ended Dec. 31, 2017,
came to 14,388 loans for $3.905 billion. Business slipped from 14,946 loans closed in the third quarter for $4.085 billion. But production improved from 12,816 loans for $3.451 billion during the fourth-quarter 2016.
For all 12 months of 2017, the credit union funded 53,842 loans for $14.511 billion. Annual activity
accelerated from 48,362 loans for $12.744 billion during 2016.
Navy FCU generates all of its originations through the retail lending channel.
Mortgage staffing at Navy FCU ended last year at 1,441 employees — plunging by
461 people from the end of September. Home-lending headcount was up, however, from 1,400 people at the end of 2016.