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


Mortgage Portfolio Grows at 5/3

$3.9 billion in Q1 originations

April 22, 2011

By MortgageDaily.com staff


Fifth Third Bancorp has managed to increase its residential assets and servicing portfolio. But the same can't be said for home-loan production -- which was down by nearly half.

Loans fundings faltered at the Cincinnati-based bank, with originations deteriorating to $3.9 billion in the first quarter from $7.4 billion three months earlier, earnings data released Friday indicated.

However, Fifth Third noted that its residential business was better than $3.5 billion in the first-quarter 2010.

The mortgage servicing portfolio grew to $55 billion as of March 31 from $54 billion at the end of last year. The portfolio has grown 10 percent over the past year.

The company owned $9.5 billion in residential loans, growing from $9.0 billion at the end of last year and $7.9 billion at the same point last year. Home-equity loan holdings were trimmed to $11.2 billion from $11.5 billion and were down from $12.2 billion a year prior.

Another $10.5 billion was owned in commercial mortgages, slightly less than $10.8 billion three months earlier and lower than $11.7 billion a year earlier. Commercial construction loans were $2.0 billion, about the same as the prior quarter but lower than $3.3 billion during the same period in 2010.

Fifth Third cut its provision expense for mortgage repurchases to $8 million from the fourth quarter's $20 million.

Net income during the first quarter fell to $265 million from $333 million but was better than the $10 million loss suffered a year earlier.

Headcount was down one employee from Dec. 31 to 20,837. On March 31, 2010, the staff size was 20,038.

Fifth Third said it operates 1,310 full-service banking centers.

Fifth Third profile

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