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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 Mortgage Assets Up, Mortgage Earnings Down

$8.4 billion Q4 fundings

Jan. 21, 2011

By staff

As has become the trend this earnings season, quarterly production was higher and annual activity was lower at BB&T Corp. But the company has managed to grow its mortgage investments and its servicing portfolio -- though mortgage earnings have deteriorated.

Residential originations rose to $8.4 billion in the final quarter of 2010 from $6.7 billion three months earlier, data from BB&T's fourth-quarter earnings report indicated. Business was also better than $5.3 billion a year earlier.

During the entire year, firm originated $24.9 billion, falling from $28.2 billion funded in 2009.

The total servicing portfolio climbed to $83.2 billion at the end of last year from $80.5 billion at the end of September. The gain was more substantial since the end of 2009, when BB&T serviced $73.6 billion. Of the most recent figure, $61.8 billion was serviced for others, climbing from $54.6 billion on Dec. 31, 2009.

The company noted that it began retaining a portion of its 10- and 15-year mortgages in the third-quarter 2010.

Mortgage holdings closed out 2010 at $17.6 billion, more than $16.3 billion at the end of the prior quarter. It was also an increase from $15.4 billion one year earlier.

Mortgage banking income fell to $138 million from the third quarter's $184 million. Income was also lower than $142 million in the final three months of 2009. BB&T blamed the year-over-year deterioration on a $19 million decline in
income from residential mortgage banking activities that reflects a $13 million hit to valuation of mortgage servicing rights and related hedging activities.

An improvement in market conditions was noted, though, for commercial mortgage banking.

Income before taxes eased at the Winston-Salem, N.C.-based organization, falling to $232 million from the third quarter's $246 million. Earnings improved, however, from $207 million during the final period of 2009.

BB&T's full-time staff expanded by 23 people in the fourth quarter to 31,354. A contraction, however, has occurred since the end of 2009 -- when 32,394 people were employed.

The number of Branch Banking and Trust Co. offices fell to 1,782 last month from 1,857 on Dec. 31, 2009.

BB&T profile

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