Although it managed to grow the size of its residential loan servicing portfolio, Primary Residential Mortgage Inc. experienced a drop in production and headcount.
The Salt Lake City-based mortgage banking firm reported that it serviced 14,467 single-family loans with an aggregate unpaid principal balance of $2.562 billion as of Dec. 31.
The servicing portfolio, which was reported as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey, grew from 14,170 loans for $2.540 billion three months earlier.
A year earlier, the portfolio stood at 13,307 loans for $2.444 billion.
Third-party servicing made up $2.560 billion of the latest total.
PRMI reported that it originated 5,952 loans for $1.320 billion during the final-three months of last year. Business declined from 6,606 loans closed for $1.453 billion
in the third quarter and 7,012 mortgages funded for $1.547 billion in the fourth-quarter 2016.
From Jan. 1, 2017, through Dec. 31, home-lending volume amounted to 24,896 loans for $5.450 billion,
less than production of 28,885 loans for $6.264 billion during the preceding year.
All of PRMI’s business comes from the retail channel.
At the conclusion of last month, there were 1,984 people on PRMI’s payroll. Staffing subsided from 1,995 employees at the end of September and
2,054 at the end of 2016.
