More than $18 billion was originated in 2016 by Finance of America Holdings LLC. The mortgage servicing portfolio exceeded $4 billion as of year end.
At the conclusion of last year, 18,402 residential loans with an aggregate principal balance of $4.011 billion were serviced by Finance of America.
The total was revealed by the Horsham, Pennsylvania-based firm as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
While the latest data included loans from Finance of America Mortgage and Finance of America Reverse, previously reported data for prior periods only reflected Finance of America Mortgage.
As of
Sept. 30, 2016, there were 13,821 mortgages serviced for $2.852 billion. The total was 6,909 loans for $1.102 billion at year-end 2015.
All of the loans were serviced for third parties.
From Oct. 1, 2016, through Dec. 31, 2016, Finance of America originated 19,329 forward and reverse mortgages for $5.282 billion.
Three months earlier, 17,981 forward mortgages were closed for $5.513 billion. A year earlier, production totaled
10,928 loans for $2.992 billion.
Fourth-quarter 2016 business was comprised of $3.797 billion in retail originations, $1.455 billion in wholesale lending and $0.030 billion in correspondent acquisitions.
Full-year 2016 originations came to
62,742 loans for $18.285 billion — though only the fourth quarter reflected reverse mortgage production.
At the close of last year, there were 4,074
people on Finance of America’s payroll. Staffing increased from 3.595 at the end of the third quarter and 2,722 at the end of 2015.
