In addition to reducing the size of its residential loan servicing portfolio, Walter Investment Management Corp. cut the size of its staff.
Before income taxes, Walter had a $158 million loss during the three months ended Sept. 30, worsening from $132 million a year earlier.
Those were some of the details disclosed by the Tampa, Florida-based mortgage banking firm in its third-quarter 2016 earnings report.
But Walter cut its losses from $380 million in the second-quarter 2016.
Walter originated $5.547 billion during the three months that started on July 1, 2016, and concluded on Sept. 30.
Business improved from $4.591 billion in the second quarter but fell short of the $7.194 billion funded in the third-quarter 2015.
During the first-three quarters of this year, mortgage originations totaled $15.650 billion.
Third-quarter 2016 volume included $1.617 billion in consumer originations, $0.003 billion in wholesale lending, $3.672 billion in correspondent acquisitions and $0.256 billion in reverse mortgage production.
Business during the current quarter likely picked up based on locked volume, which rose to $5.8 billion in the third quarter from $5.3 billion three months earlier.
Walter serviced 1,744,895 loans for $214.069 billion as of the most-recent date. The servicing portfolio was reduced from 1,792,928 loans for $220.823 billion as of June 30, 2016, and 1,881,063 loans for $230.371 billion as of Sept. 30, 2015.
Another
375,219 loans for $54.712 billion were in the sub-servicing portfolio.
Reverse mortgages on the balance sheet were $10.945 billion as of Sept. 30, 2016.
Headcount closed out the third-quarter 2016 at 5,000 employees.
Staffing has been reduced from 5,600 people as of mid-2016 and 5,850 as of Sept. 30, 2015.
