Mortgage Daily

Published On: April 27, 2016

Like most home lenders so far this earnings season, quarterly mortgage originations declined but could rise based on new application volume at EverBank Financial Corp.

From Jan. 1 through March 31 of this year, residential lending volume came to $1.797 billion.

Business was off compared to the previous three-month period when closings amounted to $2.081 billion.

Activity also declined from $2.366 billion in the same three-month period last year.

The Jacksonville, Florida-based financial institution delivered the statistics, in addition to other operational and financial results, in its first-quarter 2016 earnings report.

First-quarter 2016 originations consisted of $1.254 billion in retail activity, $0.244 billion in consumer-direct business and $0.299 billion in correspondent acquisitions.

Agency loans accounted for $0.872 billion of the latest activity, while jumbo volume was $0.725 billion and “other” originations made up $0.200 billion.

Second-quarter mortgage production is poised for an increase based on new applications, which rose to $1.5 billion from $1.3 billion in the fourth-quarter 2015.

Also suggesting an improvement in the current quarter were rate locks, which increased to $1.5 billion in the first-quarter 2016 from $1.1 billion.

On the commercial real estate side, EverBank originated $0.365 billion in “commercial and commercial real estate” loans, plunging from $0.769 billion three months earlier and $0.480 billion a year earlier.

The total residential servicing portfolio closed out last month at $41.013 billion. EverBank serviced $41.105 billion as of Dec. 31, 2015, and $50.481 billion as of March 31, 2015.

Residential assets on the balance sheet grew to $12.568 billion from $12.214 billion at year-end 2015 and $9.950 billion as of the same date in 2015.

Residential assets were comprised of $11.650 billion in mortgages and $0.918 billion in home-equity lines of credit and other. HELOC assets were previously reported without “other.” This had the effect of changing the fourth-quarter 2015 HELOC amount from $0.497 billion originally reported to $0.502 billion in the latest report.

Commercial real estate assets climbed to $6.487 billion from $6.327 billion the prior quarter and $5.654 billion the year-earlier quarter.

Prior to the provision for income taxes, company-wide earnings were $45 million, less than the $70 million earned in the final-three months of last year but nearly double the $23 million earned in the first-three months of 2015.

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