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

Originations, Servicing Portfolio Increase at BB&T

Q3 production up 2%

Oct. 18, 2012

By Mortgage Daily staff

Home-loan originations edged up, the mortgage servicing portfolio nearly achieved a $100 billion milestone and the mortgage investment portfolio increased at BB&T Corp. But delinquency deteriorated and overall earnings slipped despite improved mortgage earnings.

Third-quarter earnings data released Thursday indicate that residential loan originations were $8.234 billion.

Business picked up from the three months ended June 30, when production totaled $8.045 billion. Volume amounted to $5.549 billion in the same quarter last year.

Business during the first nine months of 2012 was $24.529 billion.

The retail channel accounted for $3.4 billion of third-quarter production, and correspondent originations were $4.8 billion.

Third-quarter refinance share was 59 percent.

BB&T serviced $99.537 billion in home loans as of the end of last month. The servicing portfolio grew from $97.560 billion three months earlier and $88.718 billion a year earlier.

"Loans serviced for others" accounted for $72.343 billion of the latest total, up from $71.389 billion as of June 30 and $66.305 billion as of the same date in 2011.

The Winston-Salem, N.C.-based firm owned $24.923 billion in residential loans, expanding its portfolio from $23.117 billion at the end of the second quarter and $19.361 billion as of the same date in 2011.

Delinquency of at least 30 days on its residential held-for-investment portfolio deteriorated, rising to 3.48 percent from 3.30 percent as of June 30. But late payments improved from a year earlier, when the rate was 4.31 percent.

Commercial real estate assets expanded to $10.913 billion from $10.457 billion as of June 30 but were slightly less than the $10.931 billion owned a year earlier. Another $1.454 billion in residential acquisition-and-development loans were owned, off from $1.590 billion at the end of the second quarter and tumbling from $2.414 billion as of Sept. 30, 2011.

Mortgage banking income before income taxes climbed to $133 million from the second quarter's $111 million and from $28 million in the third-quarter 2011.

Company-wide earnings prior to taxes fell to $673 from $729 million but were better than $439 million in the year-earlier period.

BB&T employed 34,006 people as of Sept. 30, more than the 32,998 on staff at the end of the second quarter. Headcount was 31,684 at the same point last year.

The number of banking offices climbed to 1,851 from 1,774 three months earlier.

BB&T profile

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