home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

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.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders