Home lending increased at Lake Michigan Credit Union, as did the residential loan servicing portfolio. The credit union, however, slashed its mortgage workforce.
From July 1 until Sept. 30, the Grand Rapids, Mich.-based company closed 3,007 loans for $0.595 billion.
Lake Michigan reported the production numbers as part of the Mortgage Daily Third Quarter 2014 Mortgage Origination Survey.
Business was better than during the second quarter, when the financial institution funded 2,440 home loans for $0.454 billion.
Activity also increased from the third quarter of last year, when 1,078 loans were originated for $0.222 billion.
For the nine months ended Sept. 30, 2014, Lake Michigan’s mortgage production was 6,995 loans for $1.325 billion.
As of the end of the third quarter, Lake Michigan serviced 42,840 loans for $6.358 billion. The third-party portion worked out to $4.729 billion.
The total servicing portfolio grew from 40,885 loans for $6.010 billion three months earlier and 37,286 loans for $5.472 billion a year earlier.
Mortgage staffing was severely reduced, to 145 employees as of the most recent period from 251 as of June 30.
Headcount was also cut from 211 people as of June 30, 2013.
