Annual originations increased at The PNCÂ Financial Services Group Inc., while delinquency on conventional mortgages decreased. But government-insured delinquency deteriorated — as did mortgage earnings.
Home-loan originations were $3.0 billion during the three months ended last month, according to earnings data.
Business improved from the $2.6 billion in third-quarter production. But activity diminished from $3.5 billion closed in the fourth-quarter 2010.
The refinance share of fourth-quarter business was 79 percent, widening from 69 percent three months earlier but smaller than 83 percent a year earlier.
From Jan. 1, 2011, until Dec. 31, 2011, volume totaled $11.4 billion, better than $10.5 billion closed in 2010.
PNCÂ serviced $118 billion in residential loans for other parties as of Dec. 31, 2011. The portfolio fell from $121 billion at the end of September and $125 billion at the end of the prior year.
Residential assets totaled $47.6 billion on Dec. 31, slightly lower than $47.8 billion at the end of the third quarter. PNCÂ has trimmed its residential holdings from $50.2 billion at the same point in 2010.
As of the end of last month, residential loans included $13.9 billion in traditional home loans, down from $15.3 billion at the end of 2010.
Residential delinquency of at least 30 days was 2.79 percent on loans with no government insurance. The rate improved from 2.83 percent in the third quarter and 3.08 percent in the fourth-quarter 2010.
On government-insured mortgages, the 30-day delinquency rate shot up to 16.39 percent from 15.41 percent three months earlier and 14.17 percent a year earlier.
Home-equity line of credit holdings were $22.5 billion, off from $23.5 billion at the end of December 2010. HELs on the books fell to $10.6 billion from $10.8 billion.
HEL delinquency of 1.53 percent was worse than 1.45 percent in the prior quarter and 1.25 percent in the same quarter the prior year.
Construction loans among the residential assets slipped to $0.6 billion from $0.7 billion at the end of the previous year.
The company serviced $267 billion in commercial mortgages, the same as Sept. 30 and slightly more than $266 billion at the close of 2010.
Commercial real estate assets eased to $16.2 billion from the third quarter’s $16.4 billion and have been cut from $17.9 billion year-end 2010. The most-recent tally included $10.6 billion in real estate projects.
CREÂ delinquency climbed to 0.85 percent from 0.74 percent but was better than 1.30 percent in the final three months of 2010.
The Pittsburgh-based company reported a $61 million fourth-quarter loss for residential mortgage banking, swinging from a $22 million profit in the prior period and a $3 million profit in the same period a year prior.
Company-wide earnings before taxes were $0.6 billion, dropping from $1.1 billion in the prior three-month period and the same period a year earlier.
The mortgage staff size was 3,718, growing from 3,646 at the end of September and 3,539 at the close of 2010.
Across all businesses, 45,940 full-time employees were on board, more than 44,817 at the end of 2010.
Including part-time employees, staff size climbed to 51,891 from 50,769 as of Dec. 31, 2010.
PNCÂ operated 2,511 branches, more than 2,470 branches as of the fourth-quarter 2010.
