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More Earnings On The Horizon

First Horizon 3rd quarter production $9.2 billion

October 18, 2002

By MortgageDaily.com staff


First Horizon Home Loans announced Wednesday an increase in mortgage origination volume and record earnings for the third quarter.

Third quarter mortgage origination volume reportedly totaled $9.2 billion at First Horizon, a 56% increase from second quarter's $5.9 billion. Last year's third quarter volume totaled $5.6 billion.

Driven by low mortgage interest rates, refinance activity represented more than 66 percent of those originations, said the company, a full service mortgage company based in Irving, Texas.

Fees from the origination process, excluding the revenue recognized on MSR created during third quarter, increased 91% to $95.3 million compared to last year, the report said. This increase reflects growth in origination fees, in revenue recognized on loans sold including increased net gains from warehouse hedging activities, and in the value recognized on loans in process including increased net gains from pipeline hedging activities, it said.

On Sept. 30, the mortgage-servicing portfolio totaled $52.1 billion, compared to $44.2 billion the same time last year, the company reported.

First Horizon, a subsidiary of Memphis-based First Tennessee National Corp., said net earnings were a record $95.6 million for the third quarter.



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