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Record Production at Bank of Oklahoma

When it comes to home-loan production, BOK Financial Corp. closed more loans in the fourth quarter than during any other three-month period in its history.

Fourth-quarter 2012 mortgage originations were 6,291 loans for $1.125 billion, the Tulsa, Okla.-based company reported to Mortgage Daily. Quarterly volume was the highest on record.

Business inched up from the third quarter, when the parent of Bank of Oklahoma said it funded $1.098 billion.

In the final three-month period of 2011, mortgage production was $0.8 billion.

The latest activity included 5,415 retail loans for $0.967 billion and 876 correspondent units acquired for $0.158 billion.

Refinance share was 62 percent, up slightly from 61 percent in the prior quarter.

Business during the current quarter appears to be headed lower based on outstanding mortgage commitments, which fell by $95 million from the third quarter.

“Despite some industry forecasts of a reduction in mortgage lending activity, we expect our mortgage banking revenue to remain strong in 2013,” Bank of Oklahoma Chief Financial Officer Steven Nell said in the quarterly earnings report. “During 2012, we increased the number of mortgage lenders, expanded further into our regional markets and added correspondent loan origination channels.

“In addition, it does not appear that government policies that stimulate mortgage lending will end anytime soon.”

Full-year 2012 mortgage production exceeded $3.7 billion, according to earnings data.

During the 12 months ended Dec. 31, 2011, fundings totaled $2.3 billion.

The servicing portfolio finished last year at 103,040 loans for $13.091 billion.

The servicing portfolio, including mortgage loans funded for sale, was $12.802 billion three months earlier and $12.054 billion a year earlier.

Residential loans owned by the bank were $2.051 billion, up from $2.019 billion at the end of September and $1.975 billion at the end of 2011.

Home-equity loans included in the mortgage portfolio closed out last year at $0.761 billion, up $0.046 billion from three months earlier. Around 63 percent of HELs were in first lien position.

Commercial real estate loan holdings grew to $2.233 billion from $2.166 billion but were down from $2.291 billion as of Dec. 31, 2011.

The bank earned $128 million before taxes in the fourth quarter, less than the $134 million earned in the third quarter but more than the $105 million earned a year prior.

Headcount at Bank of Oklahoma was 673 mortgage employees as of Dec. 31, 2012.

Staffing has expanded from three months earlier, when there were 650 mortgage employees, and 12 months earlier, when 538 people were employed.

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