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

Originations Up, Delinquency Down at Fifth Third

$7.1 billion in Q4 production

Jan. 22, 2012

By staff

Quarterly home-loan originations were stronger and residential delinquency was lower at Fifth Third Bancorp, which has increased its investments in residential loans.

Production was $7.1 billion during the fourth quarter, according to the Cincinnati-based company's earnings report.

Business jumped from $4.5 billion originated during the third quarter and neared the $7.4 billion in fundings a year earlier.

Full-year fundings were $18.6 billion, short of the $20.3 billion closed during all of 2010.

The mortgage servicing portfolio finished 2011 at $57 billion, higher than $56 billion in the third quarter. As of Dec. 31, 2010, Fifth Third serviced $54 billion.

Residential loans owned by Fifth Third finished last year at $10.672 billion. The investment class has grown from $10.249 at the close of the third quarter and $8.956 billion at the end of the previous year.

Delinquency of at least three months, including non-performing assets, finished last year at 4.02 percent, a little lower than 4.18 percent at the close of the third quarter. The rate was 5.23 percent as of the finish of 2010.

Home-equity loan assets have been trimmed to $10.719 billion from $10.920 billion three months earlier and $11.513 a year earlier.

Fifth Third broke out HEL delinquency based on mortgage-broker originations and direct originations. Excluding non-performing loans, the 90-day broker delinquency rate fell to 1.21 percent from 1.37 percent and was additionally lower than 1.46 percent at the end of 2010. Delinquency on direct originations fell to 0.61 percent from 0.66 percent but nudged up from 0.60 percent a year prior.

Commercial real estate loans on the balance sheet were $11.1 billion at the end of last month. CRE asset were lower than $11.5 billion in September and $12.9 billion at the end of 2010. Last month's balance reflected $10.1 billion in commercial mortgages and $1.0 billion in commercial construction loans.

Commercial mortgage delinquency of at least 90 days, including non-performing assets but excluding construction loans, was 6.31 percent, climbing from 6.19 percent as of Sept. 30 but lower than 6.36 percent a year earlier.

Secondary gains climbed to $152 million from the previous period's $119 million but fell short of $158 million in the year-earlier period. Mortgage banking net revenue fell to $156 billion from $178 million three months prior. But revenues picked up from $149 million in the same period during 2010.

Repurchase expense rose to $20 million from the third quarter's $19 million.

Income before taxes for the bank-holding company was $422 million, lower than the third quarter's $534 million but exactly the same as the fourth-quarter-2010.

The bank employed 21,334 people as of the end of last month, growing the staff from 21,172 at the end of September and 20,838 at the end of 2010.

Branch count has grown by four since Dec. 31, 2010, to 1,316 at the end of last year.

Fifth Third profile

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