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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Poor Performance at SunTrust

$7.2 billion Q4 production

January 22, 2009

By MortgageDaily.com staff


Fundings fell, delinquency deteriorated and losses leapt during the latest quarter at SunTrust Banks Inc.

Residential originations amounted to $36.4 billion in 2008, falling from $58.3 billion in 2007, according to earnings data released today.

Fourth-quarter 2008 production was $7.2 billion. Fundings fell from $8.1 billion during the third quarter and tumbled from $12.9 billion a year earlier.

The latest quarter included $3.1 billion in retail originations, $2.1 billion in mortgage broker business and $2.0 billion in correspondent acquisitions. Refinances represented 43 percent of fourth-quarter production.

Loan applications, an indicator of upcoming originations, were $16.8 billion in the fourth quarter -- better than $14.4 billion in the third quarter.

Total mortgage loans serviced as of Dec, 31 were $162.0 billion, up from $159.3 billion on Sept. 30. The servicing portfolio included $130.5 billion in loans serviced for others.

As of the end of last year, SunTrust said it held $32.1 billion in residential mortgages, $16.5 billion in home-equity lines-of-credit and $9.9 billion in construction loans.

Residential delinquency of between 30 and 89 days was 2.93 percent on at the end of the fourth quarter, rising from 2.03 percent three months earlier. HELOC delinquency rose to 1.65 percent from 1.48 percent.

"Increased unemployment and continued declines in home values drove loan delinquencies significantly higher during the fourth quarter of 2008," the Atlanta-based company explained.

Commercial mortgage holdings ended 2008 at $15.0 billion.

The mortgage operation had a $562 million loss last year, crumbling from a $5 million profit in 2007. Loan-loss provisions increased $410 million to $491 million in 2008.

Mortgage earnings were a $286 million loss in the fourth quarter, worse than the $156 million loss in the prior period. During the fourth-quarter 2007, mortgage earnings were a $30 million loss.

During 2008, company-wide net income was $0.7 billion, falling from $1.6 billion in 2007. For just the fourth-quarter 2008, SunTrust had an $379 million loss -- deteriorating significantly from a $307 million third-quarter profit and small $3 million profit a year earlier.

"The company's 2008 and fourth quarter results were adversely impacted by credit-related charges that reflect the dramatic deterioration in the economy, especially during the fourth quarter," the report said.

SunTrust said it employed 29,333 people as of Dec. 31 -- fewer than 29,447 employees as of Sept. 30.

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