As quarterly home loan business slowed at The Huntington National Bank, hundreds of mortgage employees were laid off.
Mortgage originations totaled $1.176 billion during the three months ended Sept. 30, according to third-quarter earnings data released last week by parent Huntington Bancshares Inc.
Business slipped from $1.282 billion closed in the prior period and was also down from $1.224 billion reported for the third-quarter 2012.
So far during 2013, mortgage production amounted to $3.6 billion.
The bank serviced $15.231 billion for investors, about the same as the $15.213 billion third-party servicing portfolio as of June 30. The servicing portfolio was lower than $15.571 billion one year previous.
There were $5.307 billion in residential loans on the balance sheet as of Sept. 30, up from $5.168 billion at the end of June and $5.192 billion as of the same date last year.
Loans that were past due at least 30 days accounted for 2.76 percent of non-Ginnie Mae loans. Delinquency improved from 3.32 percent in the prior quarter and 3.54 percent in the year-earlier period.
Home-equity loans owned by the Columbus, Ohio-based firm slipped to $8.347 billion from $8.369 billion three months earlier and $8.381 billion a year earlier.
Delinquency on HELs inched up to 1.00 percent from 0.96 percent but was better than 1.10 percent as of Sept. 30, 2012.
Commercial real estate loans finished the third quarter at $4.872 billion, slightly less than $4.893 billion owned as of June 30 and down from $5.497 billion at the same point in 2012.
CRE assets as of last month included $0.544 billion in construction loans and $4.328 billion in commercial mortgages.
Delinquency on the CRE portfolio was 1.30 percent, falling from 1.63 percent three months earlier and 1.62 percent a year earlier.
Mortgage banking income fell to $24 million from the previous quarter’s $34 million and year-earlier quarter’s $45 million.
Income at the bank-holding level grew to $241 million before income taxes from the previous period’s $203 million and also from $196 million in the same period in 2012.
Huntington finished the latest period with 11,956 full-time equivalent employees. Headcount fell from 12,155 in June but was up from 11,731 as of Sept. 30, 2012.
American Banker reported that Huntington cut around 200 mortgage jobs in the third quarter.
The number of domestic full service branches rose to 731 from 727 at the end of the second quarter.
