| SunTrust Fundings Sink
$6.3 billion 4th quarter production down more than half January 16, 2004 By MortgageDaily.com staff |
| Quarterly mortgage production plunged 54% at SunTrust Banks Inc.
According to company spokesman Michael McCoy, the Atlanta-headquartered bank’s fourth quarter mortgage volume totaled $6.3 billion, shrinking from $13.8 billion in the previous quarter. In the 2002 fourth quarter, originations totaled $11.3 billion. The shift from refinances to purchases contributed to the quarter’s slashed volume, said McCoy. Mortgage production amounted to $43.7 billion in all of 2003, up from $30.8 billion the previous year, according to SunTrust. The mortgage servicing portfolio stood at $69.0 billion at the fourth quarter’s end, 21% above the total at the end of 2002, the spokesman said. Self-described as one of the nation’s largest commercial banking organizations, SunTrust announced Monday that despite weakened commercial loan demand, its fourth quarter net income of $342.5 million ($1.21 per share) rose 3% from the previous quarter and 1% from the same period last year. |
