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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 Production Slips

Q3 originations off 2%

Oct. 18, 2012

By Mortgage Daily staff


Fifth Third Bancorp grew its residential servicing portfolio and cut its home-loan delinquency rate. But delinquency on home-equity and commercial real estate loans crept higher as residential origination drifted lower.

From July 1 through Sept. 30, the Cincinnati-based bank originated $5.8 billion in home loans, according to its third-quarter earnings report released Thursday.

Business slipped from the second quarter, when production totaled $5.9 billion. But mortgage fundings increased from a year earlier, when Fifth Third closed $4.5 billion in new residential loans.

The mortgage servicing portfolio finished September at $62 billion, the same as at the end of June. Mortgages serviced for others expanded from $56 billion at the same point in 2011.

Fifth Third owned $11.708 billion in residential loans as of the end of last month, growing the portfolio from $11.429 billion at the end of June. Residential holdings were $10.249 billion a year prior.

Residential delinquency of at least three months was 0.65 percent in the third quarter. The rate improved from 0.70 percent three months earlier and 0.89 percent a year earlier.

The home-equity loan portfolio slipped to $10.238 billion from $10.377 billion and was $10.920 billion as of the end of the third-quarter 2011.

Broker-originated HEL delinquency inched up to 1.16 percent from 1.15 percent as of June 30, while retail-originated HEL delinquency was down a basis point to 0.55 percent.

Commercial mortgages on the balance sheet were reduced to $9.348 billion from $9.662 billion as of June 30 and $10.330 billion as of Sept. 30, 2011. Construction loans were cut to $0.672 billion from $0.822 billion and were $1.213 billion a year earlier.

Delinquency on commercial real estate loans climbed to 0.24 percent from 0.23 percent and was also up from 0.10 percent as of the same date last year. Commercial construction loan delinquency was reported as not meaningful.

After adding $39 billion in reserves and taking $15 million in losses, the repurchase reserve finished the third quarter at $99 million. Outstanding counterparty claims were reduced to $73 million from $96 million at the end of the second quarter.

Fifth Third earned $507 million before income taxes, falling from the second quarter's $569 million. Income was $534 million in the year-earlier period.

Staffing across all of the organization fell to 20,789 from 20,888 at the end of June. Headcount was reduced from 21,172 as of Sept. 30, 2011.

As of the third quarter, 1,320 full-service banking centers were in operation, two fewer than in the second quarter.

Fifth Third profile

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