Mortgage Daily Logo

Mortgage Portfolio Grows at 5/3

Mortgage News

Fifth Third Bancorp has managed to increase its residential assets and servicing portfolio. But the same can’t be said for home-loan production — which was down by nearly half.

Loans fundings faltered at the Cincinnati-based bank, with originations deteriorating to $3.9 billion in the first quarter from $7.4 billion three months earlier, earnings data released Friday indicated.

However, Fifth Third noted that its residential business was better than $3.5 billion in the first-quarter 2010.

The mortgage servicing portfolio grew to $55 billion as of March 31 from $54 billion at the end of last year. The portfolio has grown 10 percent over the past year.

The company owned $9.5 billion in residential loans, growing from $9.0 billion at the end of last year and $7.9 billion at the same point last year. Home-equity loan holdings were trimmed to $11.2 billion from $11.5 billion and were down from $12.2 billion a year prior.

Another $10.5 billion was owned in commercial mortgages, slightly less than $10.8 billion three months earlier and lower than $11.7 billion a year earlier. Commercial construction loans were $2.0 billion, about the same as the prior quarter but lower than $3.3 billion during the same period in 2010.

Fifth Third cut its provision expense for mortgage repurchases to $8 million from the fourth quarter’s $20 million.

Net income during the first quarter fell to $265 million from $333 million but was better than the $10 million loss suffered a year earlier.

Headcount was down one employee from Dec. 31 to 20,837. On March 31, 2010, the staff size was 20,038.

Fifth Third said it operates 1,310 full-service banking centers.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

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...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

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...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

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...

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