Although there was a quarterly blossoming in originations and servicing, Provident Funding Associates LP fell short of a year earlier. Employee headcount was off but up slightly in the yearly comparison.
In the second quarter, 5,401 new home loans were originated for $1.420 billion, the lender reported for the Mortgage Daily Second Quarter 2014 Mortgage Origination Survey.
A quarter-over-quarter mortgage origination comparison shows the self-touted, second-largest private mortgage company in the United States with positive growth. Production increased by 1,357 loans made over the last quarter when the mortgage lender funded $1.007 billion in loans.
Overall, Provident generated volume of 9,445 mortgages for $2.427 billion in the first six months.
The latest three-month period’s activity was only around a quarter of the 20,724 loans closed for $5.697 billion in the second-quarter 2013.
Second-quarter 2014 production included $0.260 billion in retail loans, almost three-quarters of a billion dollars in wholesale business and $0.436 billion in correspondent acquisitions.
The Santa Rosa, Calif.-based company reported 419,609 loans serviced for $93.259 billion as of June 30, boosted from March 31 — when the servicing portfolio carried a $90.899 billion balance.
This portfolio, however, declined from the $110.713 billion listed when the second-quarter 2013 ended.
Recent figures indicate $60.775 billion in Provident’s investment portfolio and $32.484 billion in third-party servicing.
As of June 30, staffing decreased by 32 from the 699 accounted for when the first quarter ended. Still, headcount was up from the 657 reported a year earlier.
