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Fifth Third Originations, Earnings Erode

Mortgage News

The third quarter was not so good for Fifth Third Bancorp, which saw profits turn to losses and production turn lower.

Third-quarter residential originations were $4.4 billion, the Cincinnati-based bank-holding company reported today. Volume dropped from the record $6.9 billion funded in the prior period. Still, production topped the $2.0 billion originated a year earlier.

From Jan. 1, through Sept. 30, Fifth Third funded $16.2 billion in home loans.

The servicing portfolio ended September at $46.8 billion, climbing from $43.5 billion at the end of June.

Residential mortgages owned by the firm ended last month at $8.2 billion, lower than $8.5 billion at the end of June and $9.4 billion 12 months earlier. Home-equity loans eased to $12.4 billion from June’s $12.5 billion and last year’s $12.6 billion.

The company owned $12.1 billion in commercial mortgages, less than $12.4 billion on June 30, while commercial construction loans decreased to $4.1 billion from $4.5 billion.

Fifth Third had a $97 million third-quarter loss, deteriorating from an $882 million second-quarter profit and a $56 million loss a year earlier.

The company employed 20,559 people as of Sept. 30, fewer than 20,702 three months earlier and 21,522 a year earlier.

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