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


Fifth Third Reports Increase in Mortgage Originations

Q4 production up 21%

Jan. 21, 2012

By Mortgage Daily staff


Residential loan originations expanded by more than a fifth in the final quarter of 2012 at Fifth Third Bancorp, while annual production grew by more than a third. Earnings also improved.

The Cincinnati-based firm originated $7.0 billion during the last three months of last year. The details were outlined in its fourth-quarter earnings report.

Business jumped from the third quarter, when home-loan production totaled $5.8 billion. But production wasn't quite as good as $7.1 billion in the fourth-quarter 2011.

Fifth Third originated $25.1 billion during all of last year, growing production from $18.6 billion in 2011.

The third-party mortgage servicing portfolio closed out 2012 at $62 billion, unchanged from the end of the third quarter. At the end of the previous year, Fifth Third serviced $57 billion.

Residential holdings grew to $12.017 billion from $11.708 billion at the end of the third quarter. At the same point in 2011, residential assets were $10.672 billion.

Delinquency of at least 90 days on home loans improved to 0.62 percent from 0.65 percent the prior quarter and 0.74 percent the same quarter during the prior year.

As of last month, home-equity assets were $10.018 billion, a little more than the $10.238 billion owned as of the prior quarter and $10.719 billion owned a year prior.

Home-equity delinquency on broker originations fell to 1.05 percent from 1.16 percent and was 1.24 percent at the same point in 2011. On retail-originated home-equity assets, the rate fell to 0.50 percent from 0.55 percent three months prior and 0.62 percent a year prior.

With $9.103 billion in commercial mortgages on its books, the total was trimmed from $9.348 billion at the end of the third quarter and was cut from $10.138 billion at the end of the prior year. Commercial mortgage delinquency was unchanged from the third quarter at 0.24 percent but has risen from 0.03 percent as of Dec. 31, 2011.

Commercial construction loans grew to $0.698 billion from $0.672 billion but were down from $1.020 billion a year earlier. Delinquency in this category jumped to 0.14 percent from a level deemed not meaningful as of Sept. 30 and 0.09 percent as of year-end 2011.

Outstanding repurchase claims fell to $66 million from the third quarter's $73 million. Repurchase expense worsened to $44 million from $36 million three months earlier and $18 million a year earlier.

"The increase in mortgage representation and warranty expense was primarily due to an increase in the reserve as a result of additional information obtained from Freddie Mac regarding changes to their selection criteria for future mortgage repurchases and file requests, which now includes 2004 through 2006 vintages," the bank explained -- adding that Freddie Mac loans account for around 56 percent of its servicing portfolio.

Earnings before taxes climbed to $540 million from $503 million and was also better than $418 million in the final three months of the previous year.

Staffing finished December at 20,798, up nine full-time equivalent employees from the end of September. At the end of 2011, Fifth Third employed 21,334 people.

Branch count rose to 1,325 from 1,320 as of Sept. 30.

Fifth Third profile

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