home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Bank Earnings, Originations Up from Q4

$288.7 billion 1st quarter residential fundings

May 30, 2008 (revised Aug. 26, 2008)

By MortgageDaily.com staff


Earnings and production jumped from the fourth quarter at federally insured banks and thrifts.

Residential originations at banks insured by the Federal Deposit Insurance Corporation were $288.7 billion during the first quarter, climbing from $253.5 billion in the fourth quarter, according to data provided to MortgageDaily.com.

Production only includes originations from insured banks with assets greater than $1 billion that file Call Reports.

First-quarter volume included $288.6 billion in first liens and $0.2 billion in second liens, FDIC reported. Wholesale originations were $176.2 billion, while retail fundings amounted to $112.6 billion.

The biggest retail originator was Wells Fargo Bank N.A., which reported $30.9 billion in first-quarter production. JPMorgan Chase Bank N.A. was next, with $21.5 billion, followed by Bank of America N.A., at $9.3 billion.

Wells Fargo was also the biggest wholesale originator, with $50.1 billion in quarterly fundings. No. 2 was WF NB South Central, which reported $20.6 billion, and No. 3 was Citibank N.A., at $20.5 billion.

There was $2.215 trillion in 1-4 family residential mortgages and $0.625 trillion in home-equity lines on the balance sheets of insured institutions at the end of the first quarter.

Home-equity loans delinquent at least 30 days were 2.22 percent on March 31, and delinquency on other 1-4 family residential loans was 4.45 percent.

Banks earned $19 billion during the first quarter, increasing by $26 billion from a year earlier, the Federal Deposit Insurance Corp. reported today. Most of the increase was in real estate loans.

The number of institutions reporting first-quarter financial results was 8,494, down from 8,534 in the fourth quarter.

FDIC Chairman Sheila C. Bair noted in the release that despite a 24 percent increase in delinquent loans, loan-loss reserves only increased by 18 percent.

"The larger increase in noncurrent loans meant that the coverage ratio fell from 93 cents in reserves for every $1 of noncurrent loans to 89 cents, the lowest level since 1993," Bair said. "This is a worrisome trend."

Net income at FDIC-insured commercial banks and savings institutions was $19.3 billion in the first quarter, the announcement said. Earnings fell from $35.6 billion a year earlier but soared from a revised $0.6 billion in the fourth quarter.

Fourth quarter earnings were revised down from an originally reported $5.8 billion due to restatements by a few institutions reflecting additional charges for goodwill impairment. The revised figure is the worst since the fourth quarter 1990.

The year-over-year decline was attributed to a few large institutions, though more than half of the banks saw lower first-quarter income. Provisions for loan losses were $37.1 billion, climbing from $9.2 billion a year earlier.

While the worst of the financial turmoil may have passed, "we're still in the early stages of the traditional credit stress you typically see during an economic downturn," Bair said in the statement. "We're urging all institutions to make sure their reserves are large enough to cover expected losses. We also want them to beef up their capital cushions beyond regulatory minimums."

Two institutions failed this year, while there were 90 problem institutions at the end of the first quarter, the data indicated.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders