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Quarterly EverBank Home Lending Up a Third

Residential loan originations at EverBank Financial Corp. were up by more than a third on a quarter-over-quarter basis and are likely to keep pace this quarter.

Home-lending volume at EverBank was $2.406 billion for the three months that began on April 1 and concluded on June 30.

Business was better then $1.797 billion in the first quarter and the best quarter since the second-quarter 2015, when mortgage originations came to $2.718 billion.

Everbank, which has its headquarters in Jacksonville, Florida, delivered the metrics, along with other operational and financial data, in its second-quarter earnings report.

Full first-half 2016 production totaled $4.203 billion.

Agency originations added $1.297 billion to second-quarter 2016 activity, jumbo business accounted for $0.883 billion and “other” was $0.225 billion.

Retail loan originators were responsible for $1.751 billion of the latest business, while consumer-direct contributed $0.388 billion and correspondent acquisitions made up $0.267 billion.

Applications and rate locks were received for $1.6 billion in new mortgages, not much different than $1.5 billion in first-quarter applications and rate locks — an indication of potentially sustained closings in the third quarter.

Loans serviced by EverBank amounted to $40.475 billion as of mid-2016. The servicing portfolio was trimmed from $41.013 billion at first quarter’s end and reduced from $44.836 billion at the end of the first-half 2015.

On the balance sheet of the bank were $12.439 billion in residential assets. Holdings were trimmed from $12.568 billion as of March 31. But EverBank increased its residential assets from $10.966 billion as of June 30 last year.

The June 30, 2016, total included $11.365 billion
in residential mortgages and $1.074 billion in home-equity lines of credit “and other.”

Commercial loan and commercial real estate loan originations dipped to $0.358 billion from $0.365 billion the prior quarter and tumbled form $0.466 billion one year prior.

CRE assets finished the first half at $6.867 billion, growing from $6.487 billion in the last report and $5.887 billion as of mid-2015.

Most recently, CRE assets consisted of $3.831 billion in commercial mortgages and $3.035 billion in mortgage warehouse financing.

The bank-holding company earned $35 million before provisions for income taxes. Profits diminished from $45 million the prior quarter and $67 million in the year-prior period.

In its earnings announcement, EverBank explained it is in advanced negotiations to be acquired for $19.50 per share by a financial services company. The agreement reached expires on Aug. 8.

That values EverBank at around
$2.4 billion based on 125,294,000 shares outstanding.

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