Quarterly volume plunged while annual figures soared for the mortgage lending arm of a financial holding company that may soon change its name.
First Horizon originated $6.4 billion in loans during the fourth quarter -- a sharp decrease from the prior quarter's $14.6 billion, according to parent company spokeswoman Robin Bedsol. In the fourth quarter 2002, originations totaled $12.9 billion.
Volume for First Horizon, a subsidiary of First Tennessee National Corp., totaled $47.8 billion at year's end, jumping 45% from the total in 2002, reported the parent company.
Home purchase-related originations contributed $13.5 billion to the yearly total, up 24% compared to that in 2002, according to the announcement. Refinance activity accounted for 72%, or approximately $34.4 billion, of the annual origination volume, while in the prior year it represented 67% of the volume.
The mortgage servicing portfolio stood at $68.9 billion at the end of 2003, up from $56.0 billion the prior year, the company said.
First Tennessee also reported that its board of directors is seeking shareholders' approval to change its name to First Horizon National Corp. in efforts to "help the investment community better understand the growing national presence of the company, rather than the regional focus suggested by the First Tennessee name."