New mortgage business grew and the servicing portfolio jumped at USAA Federal Savings Bank.
The military lender originated more than 24,000 home loans for $5.1 billion during the third quarter, based on data reported to Mortgage Daily. Business was better than the prior period’s more than 21,000 mortgages for $4.3 billion.
In the third-quarter 2009, USAA, also known as United Services Automobile Association, closed over 22,000 units for $4.5 billion.
From Jan. 1 to Sept. 30, originations at the San Antonio-based institution amounted to $12.9 billion.
Based on a Mortgage Daily analysis of third-quarter lending data, USAA ranked as the 14th biggest U.S. residential lender.
USAA’s mortgage servicing portfolio was more than 300,000 loans for over $65 billion as of Sept. 30. At the end of last year, the portfolio stood at less than 300,000 mortgages for just $50 billion.
USAA also maintained a No. 14 ranking among residential U.S. servicers.
