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Mortgage Earnings Fall at BBT, Originations Ease

As home-lending volume slowed at BB&T Corp., mortgage earnings tumbled. But the financial institution grew both its mortgage investments and servicing portfolio.

For the three months that finished on Sept. 30, BB&T’s income before income taxes was $1.0 billion, according to its third-quarter earnings results.

Income at the Winston-Salem, North Carolina-based bank-holding company ascended from $0.9 billion the same three months a year ago. A tiny improvement was reported versus the preceding period.

Net income available to common shareholders was $789 million — an all-time record for the financial institution.

Mortgage banking income tumbled to $79 million from $114 million in the third-quarter 2017 and $94 million in the second-quarter 2018. The decrease was “primarily due to lower gain-on-sale margins and booking more production to the balance sheet,” the report stated.

Residential loan originations eased to $4.265 billion from $4.411 billion three months earlier. But business was much better than $3.463 billion the same quarter in 2017.

For all three quarters that have elapsed so far during 2018, mortgage production amounted to $12.004 billion.

BB&T serviced $119.460 billion in residential loans as of last month’s conclusion, including $88.323 billion serviced for third parties. The total portfolio expanded from $118.753 billion as of mid-year 2018 and $118.736 billion as of the same date last year.

Single-family holdings ended last month at $30.821 billion, growing from $29.965 billion as of June 30 and $28.657 billion as of Sept. 30, 2017.

Commercial real estate loans on the balance sheet were trimmed to $21.466 billion from $21.610 billion but have increased from the same date last year, when CRE assets stood at $20.855 billion.

Staffing grew to 36,233 full-time employees from 35,782 people but was down 980 positions from Sept. 30, 2017.

The third-quarter 2018 ended with 1,958 banking offices in operation, nine fewer than a month previous,

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