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| An Illinois institution has leveraged a recent acquisition to push its quarterly originations well past $1 billion.
Second-quarter mortgage production at Wintrust Financial Corp. was a record $1.5 billion, earnings data Wednesday said. Volume jumped from the $1.2 billion record set during the first quarter and was more than triple the less than $0.5 originated a year earlier. Refinances accounted for most of the latest quarter’s activity. The Oakbrook Terrace, Ill.-based company operates subsidiary Wintrust Mortgage Corp., which was previously known as WestAmerica Mortgage Co. Wintrust noted that in December 2008, it acquired Professional Mortgage Partners — which originated $1.6 billion last year and substantially contributed to the increase in year-over-year production. Wintrust reported $912 million in outstanding home-equity loans as of June 30, lower than $920 million three months earlier. Residential mortgages eased to $279 million from $281 million. Driven by strong originations, mortgage banking revenue increased $7 million from the first quarter to $23 million and was up $15 million from a year earlier. Earnings during the latest period were $7 million, marginally higher than the first quarter but dropping from $11 million in the second-quarter 2008. |
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