Although quarterly mortgage production was basically flat at Navy Federal Credit Union, there was growth in its mortgage servicing and staffing.
During the three months ended March 31, the Vienna, Virginia-headquartered organization originated 9,838 home loans for $2.487 billion.
Navy FCU disclosed origination data, as well as other operational metrics, as part of the Mortgage Daily First Quarter 2015 Mortgage Origination Survey.
Business at the credit union
slipped from the final quarter of last year, when 10,137 mortgages were closed for $2.496 billion.
Activity increased, however, from the first three months of last year, when Navy FCU funded 5,328 loans for $1.268 billion.
All of the financial institution’s mortgages are originated through the retail channel.
Navy FCU said it serviced 212,781 residential loans for $42.051 billion as of March 31, 2015. The total included $21.190 billion in owned loans and $20.861 billion in mortgages serviced for third parties.
The servicing portfolio
increased from 207,768 loans for $40.847 billion three months earlier and 193,211 mortgages serviced for $37.443 billion a year earlier.
Mortgage staffing closed out the latest period at 977 employees.
Headcount
expanded from 919 people as of Dec. 31, 2014, and 883 employees as of March 31, 2014.
