Even though quarterly mortgage production tumbled by nearly a third at New American Funding, the mortgage servicing portfolio grew, as did the size of its staff.
The Tustin, Calif.-based company reported in the Mortgage Daily Third Quarter Mortgage Origination Survey that it closed 2,945 loans for $0.833 billion.
New business tumbled from the second quarter, when 4,121 loans were funded for $1.214 billion.
New American also originated less than the three months ended Sept. 30, 2012, when it generated 3,492 loan closings for $1.023 billion.
During the nine months ended Sept. 30, 2013, volume amounted to 10,638 residential loans for $3.020 billion.
The latest quarter included $0.756 billion in retail originations and $0.078 billion in wholesale production.
As of the end of the third quarter, New American serviced 14,286 home loans for $3.717 billion.
The mortgage servicing portfolio grew from 11,413 loans for $2.961 billion as of the end of the second quarter.
At the same point in 2012, the servicing portfolio was reported at 4,356 loans for $1.198 billion.
Staffing finished the latest period at 798 employees, growing from around 700 people as of June 30.
Year-earlier headcount was 559.
New American ranked as the sixth fastest growing mortgage-related employer in the Inc. Hire Power Award.
