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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.

Business Builds at BB&T

$5.5 billion in Q3 originations

Oct. 20, 2011

By staff

Branch Banking and Trust Co. brought in more quarterly mortgage production, though volume fell short of last year's level. The company has maintained growth in its servicing portfolio, and quarter-over-quarter mortgage earnings improved.

Home-loan production was $5.5 billion, according to third-quarter earnings data released Thursday by parent BB&T Corp.

Business jumped from $3.9 billion three months earlier but came in below the $6.7 billion originated a year earlier. During the first nine months of 2011, fundings amounted to $15.2 billion.

BB&T's servicing portfolio grew to $88.7 billion as of the end of September from $86.8 billion on June 30. The portfolio totaled $80.5 billion as of Sept. 30, 2010.

Last month's total included $66.3 billion in loans serviced for others, up from $65.8 billion in the previous period.

Residential loans on the balance sheet of the Winston-Salem, N.C.-based company finished last month at $19.4 billion. BB&T has grown its portfolio from three months earlier, when it stood at $18.4 billion, and a year earlier, when the total was $16.3 billion.

The third-quarter figure included $16.9 billion in prime mortgages, $1.8 billion in Alt-A assets and $0.4 billion each in subprime and construction-to-permanent loans.

Commercial mortgages owned fell to $10.9 billion from $11.1 billion and were $11.7 billion in the third-quarter 2010.

In addition, $2.4 billion in residential acquisition-and-development construction loans were on the books, down from $2.7 billion at the end of June and $3.8 billion during the same quarter last year.

Mortgage banking income jumped to $123 million from the second quarter's $83 million. But the business earned less than the $184 million reported for the same quarter last year.

BB&T Corp. earned $439 million before income taxes, a little more than the $418 million earned in the prior quarter and a lot better than $246 million in the third-quarter 2010.

"We are very pleased to report our strongest earnings quarter in three years," BB&T Chief Executive Officer Kelly S. King said in the report. "The increase was driven by significantly improved
credit quality and improved net interest income."

Company-wide headcount inched up to 31,684 from the prior quarter's 31,617. The staff size was 31,331 at the same point last year.

BB&T operated 1,780 banking offices as of Sept. 30.

BB&T profile

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