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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 Has Strong Quarter

$6.7 billion Q3 production

Oct. 22, 2010

By staff

Branch Banking and Trust Co. increased its originations, servicing portfolio and mortgage assets. The company said that its foreclosure procedures are solid.

Residential loan production was $6.7 billion based on third-quarter earnings data. Mortgage volume was better than the $5.0 billion originated by the Winston-Salem, N.C.-based institution during the previous period.

Activity was worse, however then the third-quarter 2009, when BB&T Corp. closed $6.9 billion in home loans.

During the first nine months of 2010, production totaled $16.5 billion.

The total residential servicing portfolio climbed to $80.5 billion as of Sept. 30. The portfolio stood at $77.9 billion on June 30 and $71.0 billion a year ago. Last month's total included $60.2 billion in loans serviced for third parties.

While BB&T boasted overall loan growth, the gain didn't apply to some of its real estate loan holdings.

But mortgage assets increased to $16.3 billion from $15.5 billion three months earlier and $15.5 billion a year earlier. The Sept. 30 figure reflected $13.3 billion in prime mortgages, $2.2 billion in Alt-A loans and $0.5 billion in subprime mortgages.

Total home-equity loans and home-equity lines-of-credit on the books were $11.4 billion, no different than on June 30.

Residential delinquency of at least 30 days was 20.9 percent,

"BB&T has no issues of concern in its foreclosure processes," the bank proclaimed. "After completing an internal review, BB&T identified no issues of concern with its foreclosure processes.

"With knowledgeable specialists preparing all affidavits, BB&T has not engaged in robo-signing."

Over the past year, mortgage banking revenue rose 28 percent to $184 million in the third quarter.

Net income before taxes at BB&T Corp. was $246 million, not much different than the second quarter's $249 million. Earnings were better, though, than $148 million in the same period during 2009.

At the end of the third quarter, 31,331 people were employed by the bank, fewer than 31,603 at the end of the second quarter and 32,821 at the same time last year.

BB&T profile

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