Residential loan originations were down again at Primary Residential Mortgage Inc. Also coming in lower was the servicing portfolio. But the lender managed to expand its staff.
In the three months ended Dec. 31, 2013, PRMI closed 4,807 residential loans for $0.961 billion, according to Mortgage Daily’s Fourth Quarter 2013 Origination Survey.
All business at PRMI is generated through the retail lending channel.
Activity was down from the prior period, when 5,935 mortgages were closed for $1.189 billion. It was the second quarter in a row that new business declined.
Business also retreated from the fourth-quarter 2012, when 7,259 mortgages were funded for $1.444 billion.
During the year ended last month, volume at the Salt Lake City-based firm amounted to 23,974 units for $4.798 billion, not quite as good as the $4.990 billion originated in 2012.
PRMI said it serviced 5,728 home loans for $1.135 billion as of the end of the latest period.
The company cut its servicing portfolio from 8,137 loans for $1.571 billion as of Oct. 31, 2013. But the portfolio was up from 4,015 loans for $0.742 billion as of the end of 2012.
Staffing at PRMI finished last year at 1,697 employees, up from 1,681 people on the payroll as of the end of the third quarter.
However, headcount has fallen from 1,749 as of Dec. 31, 2012.
