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U.S. Bank Boosts Mortgage Servicing, Investment Portfolios

Q1 mortgage originations off 2%

April 16, 2013

By Mortgage Daily staff

U.S. Bancorp's mortgage servicing portfolio expanded, as did its residential and commercial mortgage assets. Residential delinquency, meanwhile, saw an healthy improvement. But residential originations and home-equity assets were lower as home-equity delinquency increased.

From Jan. 1 through March 31, the Minneapolis-based company originated $21.698 billion in home loans, according to earnings data reported Tuesday.

Volume dipped from the prior period, when $22.111 billion in residential loans were closed. But production picked up from a year earlier, when $19.168 billion in mortgages were closed.

The third-party mortgage servicing portfolio closed out last month at $220.321 billion, growing from $215.637 billion at the end of last year. Mortgages serviced for others amounted to $200.171 billion as of March 31, 2012.

Residential mortgages held as investments totaled $45.984 billion. The portfolio was expanded from $44.018 billion at the end of the fourth quarter and $38.441 billion at the same point last year. Last month's holdings included $33.779 billion in residential loans and $12.205 billion in first-lien home-equity loans.

Residential delinquency of at least 30 days, including non-performing loans, was reduced to 2.71 percent from 2.93 percent and was 3.52 percent as of the same date last year.

Also on the balance sheet were $16.131 billion in HELs and second mortgages. Junior-lien holdings were trimmed from $16.726 billion as of the end of December and cut from $17.697 billion at the end of the first-quarter 2012.

HEL delinquency climbed to 2.22 percent as of the end of last month from the prior period's 2.19 percent. The HEL rate was 1.73 percent a year prior.

U.S. Bancorp owned $37.400 billion in commercial real estate loans, increasing its CRE holdings from $36.953 billion as of Dec. 31, 2012. CRE loans on the books a year earlier were $36.102 billion. The latest total included $31.155 billion in commercial mortgages and $6.245 billion in construction-and-development loans.

CRE delinquency was 1.60 percent, better than 1.93 percent as of the end of 2012 and 2.59 percent 12 months prior.

After paying out $79 million for mortgage repurchases and make-whole payments, outstanding repurchase demands were $66 million. Realized losses of $23 million left the repurchase reserve at $233 million.

Mortgage banking income before taxes came in at $333 million, an improvement from the $291 million earned in the prior quarter. But mortgage income fell from a year earlier, when the number was $387 billion.

Income for all of U.S. Bancorp was unchanged from the fourth quarter at $2.0 billion but was better than $1.9 billion in the same period last year.

U.S. Bank operated 3,080 branches as of March 31, four fewer than at the end of 2012.

US Bank profile

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