BB&T Expanding Correspondent

Mortgage News

Mortgage Daily Staff

                                                 April 18, 2013

BB&T Corp. reported record quarterly originations and a solid improvement in its purchase financing business. The company plans to expand its correspondent lending channel.

A total of $8.665 billion was originated during the first quarter by the Winston-Salem, N.C.-based firm, earnings data released Thursday indicate.

It was an all-time high for mortgage business.

BB&T closed $8.570 billion during the final three months of last year.

Home loan production during the first three months of last year was $8.250 billion.

One of BB&T’s 2013 initiatives is to “expand the mortgage correspondent lending network,” while another initiative is to “invest in retail mortgage lending in targeted geographies.”

The most recent quarterly originations included $3.2 billion in retail business, up from $3.0 billion a year prior.

Refinances accounted for 67.8 percent of the lender’s originations. Purchase financing has grown 15 percent from the same period last year.

BB&T serviced $103.707 billion in residential loans as of the end of last month. The company owned mortgage servicing rights on $101.270 billion as of Dec. 31, 2012, and $94.626 billion as of March 31, 2012.

The March 31, 2013, total included $76.830 billion in loans serviced for others and $26.877 billion in bank-owned servicing.

Residential loan holdings fell to $23.954 billion from $24.272 billion but have grown from $21.513 billion a year earlier.

Residential acquisition-and-development loans were $1.175 billion, less than $1.261 billion at the end of December. This category has plummeted from the first-quarter 2012, when the total was $1.823 billion.

Delinquency of at least one month was 3.60 percent. BB&T brought down the past-due rate from Dec. 31, 2012, when it was 3.54 percent. The 30-day rate was 3.67 percent a year earlier.

Commercial real estate assets slipped to $11.425 billion from $11.461 billion but rose from $10.543 billion as of the same date last year.

Within the residential mortgage banking business, income prior to taxes was $163 million, better than $138 million in the previous period. The year-earlier earnings were $206 million.

Income before taxes at all of BB&T dipped to $737 million from $756 million. But earnings improved compared to $634 million one year prior.

The number of employees on staff at the end of the first quarter was 33,952, off from 33,,981 at the end of the fourth quarter. A year previous headcount stood at 31,185.

Mortgage Daily Staff

Related Posts

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Mortgage Servicing Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story BAC Home Loan...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam