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.