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Tough Times at First Horizon

$6.4 billion 3rd quarter volume

October 23, 2006

By MortgageDaily.com staff


First Horizon National Corp. fundings fell and earnings plummeted.

First lien production amounted to $6.4 billion, according to the company's supplemental third quarter financial report. The total is about $1.1 billion below the level in the second quarter and down $4.2 billion from a year ago.

Adjustable-rate mortgages made up 27 percent of the latest fundings, and refinance transactions represented a third, the Tennessee-based lender reported.

First Horizon said its $3.4 billion pipeline balance of locked loans was slightly lower than the total at June 30.

The servicing portfolio ended the third quarter at $100.2 billion, according to the report.

The number of sales employees reportedly augmented by 28 employees from the end of the second quarter to 2,495.

First Horizon announced third quarter earnings of $67.1 million sunk from $104.3 billion in the linked quarter. The mortgage banking segment had a net loss of $15.0 billion, compared to second quarter earnings of $19.2 billion.

In August, the company warned investors earnings would be impacted by unfavorable conditions in the mortgage market and the settlement of a class action lawsuit.

"While macro environment issues will continue to impact earnings growth into next quarter, our overall strategy continues to position our business for strong sustained earnings growth," said Chairman and Chief Executive Ken Glass in the announcement.


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