Provident Funding Associates LP’s mortgage lending moved lower — in line with the industry as a whole. There was little change in the servicing portfolio and staff size.
New business volume came in at 4,044 residential loans originated for $1.007 billion during the first quarter of this year, according to Mortgage Daily’s First Quarter 2014 Mortgage Origination Survey.
Activity was off from the fourth-quarter 2013, when the Burlingame, Calif.-based lender funded 5,344 loans for $1.372 billion.
Home loan originations have diminished substantially from the same three-month period in 2013, when production totaled 24,704 units for $6.875 billion.
First-quarter 2014 volume included $0.199 billion in retail business, $0.472 billion in wholesale activity and $0.336 billion in correspondent acquisitions.
In the mortgage servicing department, Provident reported that it serviced 406,713 loans for $90.899 billion as of March 31.
The servicing portfolio slipped from 409,464 loans for $91.998 billion as of Dec. 31 and has declined from 442,673 loans for $100.991 billion as of March 31, 2013.
The most-recent figure reflected $29.748 billion in third-party servicing and an investment portfolio of $61.151 billion.
Provident finished March with 699 employees.
Headcount was down 20 people from three months earlier but up from a staff of 613 a year earlier.
