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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


BB&T Performance Deteriorates

Q4 production down 36% from Q3

Jan. 17, 2014

By Mortgage Daily staff

Residential loan production, home loan delinquency and mortgage earnings were all worse BB&T Corp. during the latest quarter.

Branch Banking and Trust reported in its quarterly earnings that it originated $5.344 billion in home loans during the three months ended Dec. 31, 2013.

Retail originations accounted for $1.8 billion of activity, while correspondent production was $3.5 billion.

Business from all channels was down from the third quarter, when $8.327 billion in residential loans were closed.

BB&T funded $8.570 billion in the fourth-quarter 2012.

From Jan. 1 through Dec. 31 of last year, BB&T originated $31.596 billion, slightly less than the $33.099 billion closed during all of 2012.

The mortgage servicing portfolio closed out the fourth quarter at $112.835 billion, growing from $110.807 billion three months earlier and $101.362 billion a year earlier.

The Dec. 31, 2013, servicing portfolio included $87.434 billion in loans serviced for others and $25.401 billion in bank-owned servicing.

BB&T's investment portfolio included $24.648 billion in residential loans. The residential portfolio was up from $24.037 billion in the prior quarter and $24.272 billion in the same period during the prior year.

Residential delinquency of at least 30 days worsened, climbing to 3.14 percent from 3.03 percent as of Sept. 30, Still, delinquency was better than 3.54 percent as of Dec. 31, 2012.

The rate of non-accruals was 0.98 percent, 1 basis point lower than at the end of the third quarter and 13 BPS better than at the end of the fourth-quarter 2012.

Also on the books were $0.938 billion in residential acquisition and development loans. This category was off from $0.982 billion at the end of September and $1.261 billion at the end of 2012.

In addition, $11.672 billion in commercial real estate loans were owned by the Winston-Salem, N.C.-based bank, climbing from $11.331 billion owned as of Sept. 30 and $11.461 billion as of Dec. 31, 2012.

Within the residential mortgage banking business, income before taxes sank to $43 million from the $125 million earned in the third quarter and $138 million earned in the year-earlier quarter.

The decline in mortgage income was "driven by lower originations, tighter pricing and the retention of certain mortgages."

Across all businesses, BB&T earned $831 million before income taxes, improving on the $759 million earned in the third quarter and the $756 million in income during the fourth-quarter 2012.

BB&T finished December with 33,696 full-time employees. Staffing grew from 33,677 people at the end of September but was down from headcount of 33,981 at the end of 2012.

Branch count was 1,825 as of the end of the fourth quarter, one more branch than at the end of the previous period.

BB&T profile

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