The size of Lake Michigan Credit Union’s single-family servicing portfolio increased even as originations subsided.Mortgage staffing was trimmed.
The Grand Rapids, Michigan-based financial institution serviced 60,224 residential loans with an aggregate unpaid principal balance of $9.526 billion as of Sept. 30.
That is according to data provided by Lake Michigan CU as part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey.
Three months earlier, the servicing portfolio stood at 58,949 loans for $9.263 billion, while it was 55,030 loans for $8.513 billion as of the same date in 2016.
Third-party servicing made up $6.765 billion of the latest total.
Mortgage production totaled
3,103 loans for $0.642 billion. Business lagged compared to the 3,170 loans closed for $0.660 billion in the second quarter and 3,595 loans funded for $0.748 billion in the third-quarter 2016.
For all three quarters that have completed so far this year, originations amounted to 8,604 loans for $1.779 billion.
All of the credit union’s business comes through the retail channel.
Lake Michigan employed 341 people in its mortgage business as of the close of the third-quarter 2017. Headcount was down four people compared to three months prior but was up eight positions versus a year prior.
