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Mortgage Originations Falling at EverBank

Fourth-quarter mortgage originations were down at EverBank Financial Corp., and the first quarter is shaping up to see a further decline in loan production.

Residential lending volume worked out to $2.081 billion during the period from Oct. 1, 2015, through Dec. 31.

Jacksonville, Florida-based organization disclosed the production data, as well as other financial and operational metrics, in its fourth-quarter earnings report.

Home lending
dipped from the third quarter, when $2.292 billion in mortgages were closed.

Residential loan production was also lower than during the final three months of 2014, when the total was $2.178 billion.

Full-year 2015 mortgage originations amounted to $9.457 billion.

EverBank improved over the $8.413 billion originated during all of 2014.

Fourth-quarter 2015 originations included $0.824 billion in agency loans, $1.074 billion in jumbo mortgages and $0.184 billion in “other” loans.

Retail production accounted for $1.393 billion of the latest quarter’s activity, while consumer-direct generated $0.224 billion and correspondent acquisitions accounted for $0.464 billion.

An indication of upcoming originations, new applications, fell to less than $1.3 billion in the final quarter of last year from more than $1.4 billion in the third quarter.

Another indicator,
rate locks, tumbled to $1.1 billion from $1.4 billion.

EverBank additionally originated $0.769 billion in “commercial and commercial real estate” loans during the fourth-quarter 2015, more than $0.649 billion in the previous quarter and $0.484 billion in the year-earlier period.

The total residential mortgage servicing portfolio finished last month at $41.105 billion, down from $44.347 billion at the end of September and $50.746 billion at the end of 2014.

Assets as of year-end 2015 included $12.214 billion in residential loans. The asset class expanded from $11.644 billion three months earlier and $10.077 billion one year earlier.

Residential loans reflected
$11.717 billion in mortgages and $0.497 billion in home-equity lines of credit.

Also on EverBank’s balance sheet were $6.327 billion in commercial real estate assets.

CRE loans were greater than $5.823 billion as of Sept. 30, 2015, and $4.884 billion as of year-end 2014.

The year-end 2015 CRE total consisted of $3.955 billion in commercial mortgages and $2.373 billion in warehouse assets.

At $70 million, company-wide income before taxes was better than $47 million three months earlier and $61 million one year earlier.

A 2011 consent order with the Office of the Comptroller of the Currency has been terminated since Jan. 1, the report said.

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