National City Corporation reported a 17 percent drop in loan originations for the first quarter of 2003 compared to the previous quarter.
According to documents filed with the SEC, originations slowed from approximately $31 billion in the fourth quarter of 2002 to about $26 billion for first quarter 2003 at the corporation's mortgage banking subsidiary, National City Mortgage Company. Of that number, wholesale loans accounted for $13.7 billion and retail loans $10.6 billion. First Franklin loans comprised the remaining $1.7 billion.
Loan servicing for the Cleveland-based corporation reached $112.4 billion in the quarter, a more than 10 percent gain from the fourth quarter total of $101.9 billion. In addition, the company posted a net income from all transactions of $497 million, up from $381 million in the fourth quarter of 2002.
National City Mortgage Company noted that it ranked seventh in loan originations and around tenth in mortgage servicing last year.