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First Horizon Mortgage Earnings Improve

$6.8 billion Q2 fundings

July 16, 2008

By MortgageDaily.com staff

First Horizon National Corp. saw quarterly originations ease and mortgage earnings increase. The company eliminated 171 mortgage sales employees during the latest period. Serious delinquency more than doubled from a year earlier.

Second-quarter residential production was $6.8 billion, the Memphis, Tenn.-based company reported Tuesday. Fundings fell from $7.5 billion during the prior quarter and $8.1 billion a year earlier.

Conventional fixed-rate loans represented 53 percent of second-quarter activity, and government fundings accounted for 42 percent.

The servicing portfolio was $98.4 billion on June 30, down from $99.0 billion at the end of March. Loans delinquent at least 90 days climbed to 2.08 percent from 1.73% the prior quarter and 0.96 percent the prior year.

Residential mortgages on the balance sheet at the end of the second quarter were $8.2 billion at the end of the second quarter, up from $7.9 billion at the end of the first quarter. Residential construction loans amounted to $1.5 billion, falling from $1.8 billion.

Total commercial mortgages ended the period at $11.5 billion, up from $11.2 billion.

Real estate owned was $141.9 million at the end of June. REOs rose from $106.0 million three months earlier.

The provision for loan losses in its discontinued national specialty lending unit was $108 million, reflecting deterioration in its national construction and home-equity portfolios. Foreclosure reserves for repurchases of previously sold loans was $16 million.

Second-quarter net income for the mortgage lending unit was $46 million, climbing from $32 million in the first quarter and a $5 million loss a year earlier.

First Horizon, which announced Monday that D. Bryan Jordan will replace Jerry Baker as president and chief executive officer, had a net loss of $19 million for the entire company, down from an $8 million profit the prior quarter and a $22 million profit during the second quarter 2007.

Headcount was 9,245 company-wide as of June 30. The mortgage sales force was 1,394, falling from 1,565 on March 31.

MetLife Bank, N.A., has agreed to acquire more than 230 retail and wholesale mortgage offices from First Horizon subsidiary First Tennessee Bank, N.A. That deal is expected to close in the third quarter.

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