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First Horizon Performance Declines

$6.3 billion Q4 fundings

January 17, 2008

By MortgageDaily.com staff

Quarterly earnings sank at First Horizon National Corp. as residential fundings fell and delinquency rose.

First mortgage originations were $6.3 billion during the fourth quarter, the Memphis, Tenn.-based company announced today. Production fell from $6.7 billion in the prior period and $6.4 billion a year earlier.

Alt-A accounted for 6 percent of the latest period's volume, while adjustable-rate share was around 6 percent.

For all of last year, fundings reportedly amounted to $27.4 billion.

The lender's servicing portfolio ended the year at $103.7 billion -- lower than $108.4 billion at the end of the third quarter, according to the data. An average of 632,482 loans were serviced in the fourth quarter.

First Horizon said it held $7.8 billion in residential loans and $0.8 billion in mortgages pledged against other collateralized borrowings at yearend. Commercial mortgage holdings ended the period at $1.3 billion.

Delinquency of at least 30 days on the consumer real estate portfolio was 1.46 percent at the end of the quarter, rising from 1.14 percent three months earlier, the company said. Nonperforming residential mortgages were $0.1 billion at the end of December, while around 0.12 percent of residential mortgage banking assets were classified as nonperforming.

Pre-tax mortgage banking losses were reported at $262.8 million -- reflecting a $10.9 million adjustment to the carrying value of nonconforming warehouse loans, goodwill impairment of $71.1 million and a $135.3 million adjustment to mortgage servicing rights. The segment's earnings were far worse than the $45.8 million loss in the third quarter, though $40 million is projected in annual savings from staff and office reductions.

Fourth quarter net income company wide was a loss of $248.6 million, compared to a $14.2 million loss in the third quarter and a $76.5 million profit a year earlier.

The company reported employee count was 9,941, including 1,696 mortgage sales employees, as of Dec. 31.

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