First quarter fundings fell at First Horizon National Corp.
Production during the latest 90-day period was $6.9 billion, down from $8.0 billion during the fourth quarter, according to an announcement today from the Memphis, Tenn.-based company. Originations were also off from $7.6 billion during the first quarter of 2005.
First Horizon said 59% of the latest volume was for purchase-money mortgages, while one-third was adjustable rate.
The company serviced an average of 620,476 loans during the quarter, the statement said, while the servicing portfolio ended the period at $97.3 billion. About two-thirds of the portfolio was being serviced for Fannie Mae and Freddie Mac.
First Horizon reportedly employed 2,609 salespeople at the end of the first quarter.
Earnings during the latest period totaled $215.0 million, according to the announcement.