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First Horizon Up

$8.1 billion 2nd quarter originations

July 19, 2007

By MortgageDaily.com staff

Quarterly residential fundings climbed at First Horizon National Corp. -- though the company plans to eliminate or sell more than 30 of its full-service banking branches.

Mortgage volume totaled $8.1 billion during the second quarter, according to earnings data released today. Production rose from $6.3 billion the prior period and $7.5 billion a year earlier.

Alt-A originations accounted for 14 percent of second quarter business, while government loans represented 7 percent and nonprime was just 1 percent, the company reported. The share of loans that were interest-only was 29 percent, while the purchase-money share was 62 percent.

The company said its mortgage pipeline was $4.3 billion on June 30, up about $0.3 billion from the first quarter.

The servicing portfolio reportedly ended the period at $105.6 billion from an average of 643,314 loans.

Total employees across the entire organization ended the period at 11,903, of which 2,508 were in mortgage sales, according to the data.

Mortgage banking operations reportedly lost $16.1 million in the second quarter -- reflecting $8.4 million in legal settlement expenses, the Memphis, Tenn.-based company reported. Net income of $22.2 million fell nearly $50 million from the first quarter.

In an effort to boost earnings, it is pursuing the sale, closure or consolidation of 34 full-service First Horizon Bank branches in Atlanta, Baltimore, Dallas and Northern Virginia.

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