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| Originations, earnings and headcount deteriorated at commercial mortgage lender Holliday Fenoglio Fowler LP. But its servicing portfolio ended higher.Commercial volume was 53 transactions for $1.1 billion during the first quarter, parent HFF Inc. reported Monday. Volume tumbled from 75 transactions for $2.7 billion in the fourth quarter and plunged from 166 units for $4.0 billion a year earlier.
Included in first-quarter activity was $0.7 billion in debt placement and $0.3 billion in investment sales. Structured finance and loan sales accounted for less than $0.1 billion. HFF said it serviced 2,070 commercial mortgages for $24.7 billion as of March 31, edging up from more than 2,000 loans for $24.5 billion as of Dec. 31. A year earlier, the portfolio stood at 2,048 units $23.6 billion. Mortgage notes receivable finished the second quarter at $118 million, jumping from $16 million at the end of the fourth quarter. The Pittsburgh-based firm said the first-quarter net loss was $6 million, worse than a marginal fourth-quarter loss and the $3 million profit a year earlier. Earnings were impacted by the decrease in commercial mortgage production triggered by “the combined effects of unprecedented write-offs and losses incurred by global financial institutions resulting in continuing liquidity constraints and credit issues in the global debt and equity markets.” Headcount at HFF ended March at 413, down from 433 at the end of last year. Since March 31, HFFÂ has laid off an additional 24 people, leaving headcount at 389 — including 165 “producers.” |
