Residential loan production slowed at Primary Residential Mortgage Inc., as the servicing portfolio was trimmed, and the payroll was reduced.
The Salt Lake City-based organization serviced 14,170 single-family loans that had a collective unpaid principal balance of $2.540 billion as of Sept. 30.
Those details, along with other operational metrics, were provided by PRMI in conjunction with the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey.
The servicing portfolio was trimmed from 14,181 loans for $2.559 billion as of mid-2017. But the total inched up from 13,045 loans for $2.418 billion as of the same date last year.
The third-party servicing portion of the latest servicing portfolio was $2.532 billion.
Moving on to loan originations, PRMI closed 6,606 loans for $1.453 billion
during the most-recent three-month period. All of the loans were generated through the retail channel.
Production declined from 7,071 loans for $1.541 billion in the second quarter and 8,185 loans for $1.802 billion during the third-quarter 2017.
From Jan. 1, 2017, through Sept. 30,
PRMI funded 18,944 mortgages for $4.130 billion.
Staffing concluded September 2017 at 1,995 employees. Headcount was reduced from 2,057 people three months earlier
and 2,047 one year earlier.
