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Mortgage Production, Servicing Down at EverBank

Residential loan production was down at EverBank Financial Corp., as was its mortgage servicing portfolio. Residential assets, however, grew.

The volume of home lending from
the period that began on July 1 and ended on Sept. 30 was $2.292 billion.

That was according to the
Jacksonville, Florida-based financial institution’s third-quarter earnings report which was released on Wednesday.

Mortgage production
was down from the previous three-month period, when $2.718 in home loans were closed.

Business also slipped from the same three-month period last year, a quarter that saw $2.302 billion in mortgage originations.

For all three quarters of 2015, EverBank originated $7.376 billion.

Third-quarter 2015 activity included $0.961 billion in agency loans, $1.219 billion in jumbo mortgages and $0.111 billion in other originations.

The retail channel generated $1.467 billion of the latest production, while
consumer-direct was responsible for $0.290 billion and correspondent acquisitions accounted for $0.535 billion.

Refinance share declined to 35 percent from the second-quarter’s 42 percent share.

New loan applications declined to $1.4 billion in the third quarter from $1.8 billion the prior period, while rate locks fell to $1.4 billion from $1.6 billion in the second quarter — pointing to lower volume in the current quarter.

Commercial and commercial real estate originations climbed to $0.649 billion from $0.466 billion in the second quarter and also grew from $0.361 billion in the third-quarter 2014. Year-to-date 2015 volume in this category came to $1.595 billion.

As of Sept. 30, 2015, EverBank serviced $44.347 billion in mortgages for investors. The servicing portfolio slipped from $44.836 billion serviced three months earlier and was down from $50.831 billion one year earlier.

The report indicated that approval was received to sell mortgage servicing rights on $3.4 billion in mortgages to Nationstar Mortgage LLC. That deal is expected to close on Nov. 1.

EverBank said it owned $11.644 billion in residential assets as of the end of last month. This asset class increased from $10.961 billion at the end of June and $9.542 billion as of the same date last year.

The Sept. 30, 2015, total included $11.312 billion in mortgages and $0.332 billion in home-equity lines of credit.

Commercial real estate assets on the books fell to $5.823 billion from $5.887 billion at the end of the second quarter but increased from $4.515 billion
at the end of the third-quarter 2014.

The most-recent CRE holdings included $3.660 billion in commercial mortgages and $2.163 billion in warehouse assets.

Net income before income taxes at the bank-holding-company level
fell to $47 million from $67 million the prior quarter and $70 million in the year-earlier period.

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