Provident Funding Associates LP saw an increase in its fourth-quarter 2014 loan originations over the previous quarter. Servicing and staffing, however, were down.
For the quarter ended Dec. 31, Provident closed 5,205 residential loans at $1.416 billion, according to the Mortgage Daily Fourth Quarter 2014 Mortgage Origination Survey.
The bulk of originations came from wholesale production, which finished the fourth quarter with $0.853 billion in new loans. Retail lending comprised $0.295 billion of the total, and the $0.268 from correspondent acquisitions rounded out Provident’s fourth-quarter lending activity.
Compared to the three months ended Sept. 30, Provident’s fourth-quarter production was $0.057 billion higher.
In year-over-year comparisons, the lender finished $0.044 billion ahead of the final-quarter 2013.
Altogether, the Santa Rosa, Calif.-based company produced 19,719 new home loans for $5.201 billion during 2014.
Despite slight increases in loan originations, Provident’s loan servicing portfolio was slimmer compared to prior periods.
As of Dec. 31, 2014, Provident serviced 401,126 loans at $89.200 billion.
Loans serviced for investors comprised $59.263 billion of the company’s portfolio, while the remaining $29.937 billion was third-party servicing.
Provident had $3.491 billion less in servicing than when the third quarter ended.
At the end of 2013, the lender’s servicing portfolio was $91.998 billion.
Also falling short this time around was staff count.
At 603, Provident had 24 fewer employees than in the third quarter and 116 fewer personnel than the three months ended Dec. 31, 2013.
