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EverBank Home Lending Drops, Could Bounce Up

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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