Home loan originations and production income were lower than in the fourth quarter at HomeStreet Inc. But the servicing portfolio, residential assets and servicing income were all higher.
Residential loan volume at HomeStreet totaled $1.192 billion from Jan. 1 through March 31, according to earnings data reported Monday.
Business slowed from the final three months of last year, when home loan production amounted to $1.519 billion.
The drop in business was attributed to “reduced regional market origination activity partially offset by continued growth in production personnel.”
In the year earlier period, the Seattle-based firm closed $0.712 billion.
Second-quarter production is poised to continue declining based on single-family mortgage interest rate lock commitments, which fell to $1.0 billion from the $1.3 billion in commitments during the fourth-quarter 2012. Half of the latest number was refinance.
HomeStreet also originated $0.049 billion in multifamily loans during the first quarter, a little more than the $0.041 billion three months earlier and $0.016 billion a year earlier.
Total single-family loans serviced for third parties finished last month at $9.701 billion, growing from $8.871 billion as of Dec. 31, 2012, and $6.947 billion as of March 31, 2012.
Single-family assets increased to $0.731 billion from $0.674 billion and were $0.506 billion at the same point in 2012.
Another $0.133 billion was owned in home-equity loans, less than the $0.137 billion in HELÂ holdings at the end of the previous period and the $0.153 billion at the end of the same period last year.
The commercial mortgage servicing portfolio increased to $0.790 billion from $0.780 billion but fell from $0.826 billion one year prior. Multifamily accounted for $0.737 billion of the most recent number.
Commercial mortgage holdings totaled $0.453 billion, growing from $0.450 billion three months prior and $0.607 billion a year prior. Last month’s total included $0.388 billion in commercial real estate loans, $0.022 billion in multifamily loans and $0.044 billion in construction-and-land-development loans.
The net gain on mortgage loan origination and sale activities fell 22 percent to $54 million but jumped 83 percent from the first-quarter 2012. Servicing income, meanwhile, surged 372 percent from the fourth quarter to $3 million and was 61 percent better than the year-earlier period.
Company-wide income at HomeStreet sank to $16 million from $29 million in the previous period but increased from $18 million in the first quarter of last year.
As of March 31, 2013, HomeStreet had 1,218 full-time equivalent employees, growing its staff from 1,099 people at the end of last year and 821 people at the same point last year.
