Navy Federal Credit Union closed fewer residential loans and reduced its staffing on a quarter-over-quarter basis. But the servicing portfolio grew.
The financial institution generated $3.442 billion in home loan production during the three months ended Sept. 30. That worked out to 13,477 units.
Navy reported the data, along with other
operational details, as part of the Mortgage Daily Third Quarter 2015 Mortgage Origination Survey.
Home lending activity eased from the prior three-month period, when 14,207 loans were funded for $3.661 billion.
But more business was generated than the 9,945 mortgages originated for $2.424 billion in the same three-month period last year.
During the first nine months of 2015, the credit union closed
37,522 residential loans for $9.591 billion.
A hundred percent of
the Vienna, Virginia-based organization’s business is delivered by retail loan originators.
Navy said it serviced 228,327 mortgages for $46.071 billion as of Sept. 30.
The servicing portfolio increased from 220,708 loans for $44.087 billion three months earlier and 202,145 loans for $39.531 billion a year earlier.
Loans owned by Navy accounted for $23.697 billion of the loans serviced as of the end of the third-quarter 2015, while third-party servicing made up the remaining $22.373 billion.
Navy closed out last month with 1,073 mortgage employees.
Staffing subsided from 1,091 at the end of the second quarter.
But the payroll
grew from the same point last year, when headcount stood at 929 people.
