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First Horizon Figures Fall

$6.7 billion 3rd quarter originations

October 18, 2007

By MortgageDaily.com staff


Quarterly fundings fell at First Horizon National Corp., which saw mortgage banking income turn to a loss from the prior quarter's profit.

Mortgage banking production was $6.7 billion during the third quarter, falling from $8.1 billion the prior period, according to earnings data announced today. Fundings were 5 percent higher, however, than the third quarter 2006.

Alt-A originations accounted for 12 percent of the latest quarter's activity, First Horizon said. The purchase share was 69 percent while interest-only represented 22 percent.

The company's loan pipeline was reported at $4.1 billion as of Sept. 30, off from $4.3 billion on June 30.

Residential loans were $7.5 billion at the end of the latest period, while real estate construction loans were $2.2 billion, the data indicated. Retail residential loans pledged against other collateralized borrowers amounted to $0.8 billion. First Horizon's servicing portfolio was $108.4 billion at quarter's end with an average of 652,479 loans serviced.

Nonperforming mortgages ended the quarter at $41 million, the Memphis, Tenn.-based company said.

The parent of First Horizon Home Loans reported 11,052 full-time employees as of Sept. 30, including 2,124 mortgage salespeople. A restructuring announced in September resulted in the layoff of around 1,500 employees and the closure of 50 to 60 offices.

"There was significant progress this quarter in restructuring the organization and the balance sheet," Chief Executive Officer Jerry Baker said in the statement.

A third quarter reported loss of $14.2 million contrasted $22.2 million in second quarter profits and was impacted by illiquidity in the credit markets. Mortgage banking pretax losses were $45.8 million -- soaring from a $16.1 million loss in the prior quarter.

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