A healthy increase in mortgage originations was reported by Lake Michigan Credit Union. Also expanding was the organization’s servicing portfolio.
As of mid-2017, the financial institution serviced 58,949 single-family loans that had an unpaid aggregate principal balance of $9.263 billion.
The Grand Rapids, Michigan-based firm revealed those metrics and more as part of
the Mortgage Daily Second Quarter 2017Â Mortgage Origination Survey.
An increase in the servicing portfolio was noted compared to March 31, when it stood at 57,674 loans for $8.992 billion. It also expanded from June 30, 2016, when 53,933 mortgages were serviced for $8.325 billion.
The June 30, 2017 total consisted of $6.659 billion in third-party servicing and $2.604 billion in loans owned by the credit union.
Lake Michigan originated 3,170 residential loans for $0.660 billion during the second-quarter 2017. Business climbed from 2,331 units for $0.476 billion three months earlier
and 3,113 loans for $0.623 billion one year earlier.
All of the loans are originated through the retail channel.
During the entire first half of this year, mortgage production amounted to 5,501 units for $1.136 billion.
Mortgage staffing concluded last month at 345 employees. Headcount dipped from 348 people at the end of the first-quarter 2017 but grew from
321 jobs at the conclusion of the second-quarter 2016.
