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

New Business Slips at SunTrust

Q3 originations off 1%

Oct. 22, 2012

By Mortgage Daily staff

Quarterly mortgage originations were off at SunTrust Banks Inc., while delinquency held and mortgage earnings were worse.

In its third-quarter earnings report, SunTrust reported that residential originations were $8.132 billion.

Business dipped from the three months ended June 30, when production amounted to $8.250 billion. But activity was better than the same period in 2011, when loan closings were $5.799 billion.

From Jan. 1 through Sept. 30, SunTrust originated $24.055 billion.

During the latest period, the retail channel accounted for $4.329 billion of total volume, while wholesale production was $1.472 billion and correspondent fundings amounted to $2.331 billion. Refinance share was 69 percent.

SunTrust serviced $149.721 billion in home loans as of Sept. 30, retreating from $153.442 three months earlier and $161.019 billion a year earlier. The third-party portion of the portfolio was $115.814 billion.

After selling $0.5 billion in non-performing mortgages and commercial real estate loans and moving $0.5 billion in delinquent Ginnie Mae loans to held-for-sale status, the Atlanta-based bank owned $4.823 billion in guaranteed residential loans, cutting its holdings from $5.663 billion at the end of June and $4.440 billion a year prior. Another $23.925 billion in non-guaranteed home loans was owned, off from the $24.405 billion three months earlier but up from $23.517 billion on the books a year earlier.

Delinquency of between 30 and 89 days on non-guaranteed loans was unchanged from the second quarter at 1.05 percent and was much better than 1.46 percent as the same point in 2011.

Home-equity assets fell to $15.019 billion from $15.281 billion and were $15.980 billion as of the same date last year. Home-equity delinquency, meanwhile, fell to 0.95 percent from 0.99 percent and 1.39 percent as of Sept. 30, 2011.

Residential construction loans slipped to $0.805 billion from $0.853 billion and were down from $1.046 billion as of Sept 30, 2011.

As of Sept. 30, commercial real estate holdings were $4.491 billion, growing from $4.825 billion three months earlier and $5.330 billion a year earlier. Another $0.808 billion was owned in commercial construction loans, down from $0.959 billion as of the end of the second quarter and tumbling from $1.390 billion at the same point last year.

CRE delinquency jumped to 0.44 percent from 0.17 percent the prior quarter and a year prior.

A mortgage repurchase provision of $371 million is expected to cover estimated losses on loans sold to Fannie Mae and Freddie Mac prior to 2009. The mortgage repurchase provision increased $216 million during the latest quarter, leaving repurchase reserves at $694 million.

Mortgage production income was a $64 million loss, swinging from a $103 million profit in the second quarter. Year-earlier earnings were $54 million. Mortgage Servicing income slipped to $64 million from $70 million and was $58 million in the third-quarter 2011.

Company-wide income before income taxes jumped to $1.637 billion from $0.368 billion and was also better than $0.259 billion during the third-quarter 2011.

As of Sept. 30, SunTrust employed 28,000 people across all businesses, slipping from 28,324 as of June 30 and down from 29,483 as the same point in 2011.

SunTrust operated 1,633 full-service banking offices at the end of month, fewer than the 1,641 in operation at the end of June.

SunTrust profile

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