Descending refi activity pushed quarterly fundings to their first decrease this year at First Horizon National Corp.
Third quarter mortgage originations totaled $6.8 billion -- off about 24% from the previous quarter and 52% below a year ago, according to the Tennessee-based lender's latest earnings announcement.
Refinances accounted for 31% of the latest volume, First Horizon said, while a year ago they represented 72% originations.
Unlike, refinancings, home purchase originations shot up 18%.
The servicing portfolio at the end of the third quarter was reportedly $81.6 billion, a 21% increase from a year earlier.