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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Fifth Third Fundings Falter

Q3 mortgage originations drop 36% from Q2

Oct. 18, 2013

By Mortgage Daily staff

New mortgage business at Fifth Third Bancorp plunged during the latest quarter, and residential delinquency inched up. The company, however, increased the size of the servicing portfolio.

Mortgage originations during the third quarter were $4.8 billion, according to earnings data reported this week.

Business sank from a record $7.5 billion funded in the second quarter.

Production was also down from the third quarter of last year, when $5.8 billion in home loans were closed.

Fifth Third said it serviced $69 billion as of Sept. 30. The mortgage servicing portfolio was up from $67 billion as of June 30 and $62 billion on the same date last year.

Residential loan holdings rose to $12.534 from $12.400 billion and were higher than $11.708 billion one year prior.

At 0.58 percent, 90-day residential delinquency was a basis point higher than in the second quarter. A year earlier, the 90-day rate was 0.65 percent.

Home-equity loan assets were trimmed to $9.356 billion from the second quarter's $9.531 billion and fell from $10.238 billion as of Sept. 30, 2012.

HEL delinquency slipped to 0.88 percent from 0.89 percent and tumbled from 1.16 percent at the end of the third-quarter 2012.

Fifth Third ended last month with $8.052 billion in commercial mortgages, less than the $8.443 billion on its books at the end of June and the $9.348 billion in commercial mortgages as of the same date in 2012.

Delinquency on the commercial mortgage portfolio was deemed not meaningful in the current and prior quarters. The rate was 0.24 percent in the third-quarter 2012.

Another $0.875 billion in commercial construction loans were on the balance sheet, increasing from $0.754 billion in the second quarter and $0.672 in the third-quarter 2012.

Outstanding repurchase claims were just $49 million.

The Cincinnati-based bank earned $604 million before taxes. Income was down from $841 million three months earlier but better than $503 million 12 months earlier.

At the end of the third quarter, staffing stood at 20,256 full-time equivalent employees, off from 20,569 at the end of the previous quarter and down from 20,789 as of Sept. 30, 2012.

Branch count was unchanged from the second quarter at 1,326.

Fifth Third profile

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