First Horizon National Corp. announced a jump in quarterly mortgage production.
The Memphis-based company reported $8.9 billion in second quarter production, up 30% from the previous quarter, but down more than 40% from the same period in 2003.
Purchases made up 53% of the fundings, according to the second quarter earnings announcement, and refinances accounted for 47%.
"The sales force continued to grow at a double-digit pace and the focus of the sales force continued to shift from refinance to purchase business," the company said in the statement.
Adjustable rate mortgages were 41% of the reported production.
First Horizon reported $9.5 billion in loan sales (deliveries), up from $6.1 billion during the first quarter.
The mortgage servicing portfolio ended the quarter at $72.2 billion, according to the announcement, increasing 13% over the past twelve months.
The financial services company said second quarter earnings were $118.4 million, while pretax earnings from mortgage banking operations were $46.4 million.