Vienna, Virginia-based Navy Federal Credit Union reported a year-over-year increase in quarterly mortgage originations as much of the industry have reported declines during the same period.
Navy serviced 248,353 single-family loans with a collective
unpaid principal balance of $51.340 billion as of June 30, 2017, according to data submitted as part of the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.
The servicing portfolio increased from three months prior, when 247,518 loans were serviced for $51.020 billion. A year prior, 242,448 mortgages were serviced for $49.499 billion.
Navy serviced $25.715 billion of the latest portfolio for third parties, while it owned $25.624 billion in loans serviced.
Mortgage originations came to 13,349 loans for $3.590 billion during the three months ended mid-year 2017. Business jumped from 11,159 loans for $2.932 billion during the previous quarter.
More importantly, the financial institution additionally made a gain on a year-over-year basis, from
13,261 loans funded for $3.493 billion in the same three-month period last year. Most mortgage originators have reported decay in volume levels versus the second-quarter 2016.
For all of the first half of this year, production came to 24,508 loans for $6.522 billion.
All of Navy’s production is generated through the retail channel.
As of the close of the second-quarter 2017, there were 1,496 mortgage employees on the credit union’s payroll. Mortgage staffing was up one person compared to the end of the preceding quarter. But Navy has scaled back on human resources versus 1,164 mortgage employees as of June 30, 2016.
