Despite disruptions from the recent hurricanes, First Horizon National Corp. pushed mortgage production to the highest level in two years.
Third quarter mortgage originations amounted to $10.6 billion, increasing from $9.5 billion in the second quarter and $6.8 billion a year earlier, the Tennessee-based lender said. The volume is the highest since the third quarter 2003.
Home purchase-related originations reportedly represented 58 percent of total originations. The $1.4 billion annual growth in the purchase market reflects the 15% annual boost in First Horizon's sales force, the announcement said.
The mortgage-servicing portfolio was reported at $93.6 billion as of Sept. 30, 2005.
The Memphis-based banker announced pretax mortgage banking income of $61.7 million during the third quarter.
While it is too early to determine the full extent of losses from hurricanes Katrina and Rita, First Horizon said third quarter 2005 results included $3.5 million in mortgage banking-related losses related to the disasters.