Mortgage originations at EverBank Financial Corp. tumbled during the final-three months of last year and are likely down further in the current quarter.
The Jacksonville, Florida-based organization disclosed in its fourth-quarter 2016 earnings report that income came to $90 million before income taxes.
Earnings ascended from the previous period, when income was $59 million. It was also better than a year previous, when income was $70 million.
The financial institution said it closed $2.063 billion in residential loans during the three months ended Dec. 31, 2016. Business fell from $2.532 billion in the third quarter and $2.081 billion in the final quarter of 2015.
Fourth-quarter 2016 production included $1.139 billion in agency loans, $0.766 billion in jumbo mortgages and $0.158 billion in other conventional loans.
Retail production during the latest three-month period was $1.406 billion, while consumer-direct volume was $0.426 billion, and correspondent acquisitions were $0.230 billion.
Refinance share widened to 48 percent from 46 percent in the third quarter.
From Jan. 1, 2016, through year-end 2016, overall originations totaled $8.797 billion, less than $9.457 billion in all of 2015.
Application volume sank to $1.2 billion from $1.7 billion, an indication that first-quarter 2017 business is down even further. Another indication that the current quarter’s originations are lower is rate locks, which tumbled to $1.1 billion from $1.7 billion.
There were $39.945 billion in total loans serviced. The servicing portfolio was trimmed from $40.323 billion as of the end of September 2016 and $41.105 billion as of the end of 2015.
EverBank owned $13.058 billion in residential assets. The asset class expanded from $12.966 billion as of Sept. 30, 2016, and an upwardly revised $12.219 billion as of year-end 2015.
The Dec. 31, 2016, total consisted of $11.814 billion in mortgages and $1.244 billion in home-equity lines of credit.
Another $0.351 billion in commercial and commercial real estate loans were originated during the latest period, less than $0.444 billion three months earlier and $0.769 billion one year earlier.
CRE assets finished last year at $6.349 billion. The total declined from $6.959 billion three months earlier but crept up from $6.327 billion one year earlier. Last month’s CRE investments were comprised of $3.757 billion in CRE and other commercial loans
and $2.593 billion in mortgage warehouse finance.
The report said that EverBank’s stockholders approved on Nov. 9
the company’s acquisition by Teachers Insurance and Annuity Association of America.