Mortgage Daily

Published On: April 23, 2010

Home loan production fell, but so did quarterly losses at Fifth Third Bank.

Originations during the first quarter at the Cincinnati-based bank were $3.5 billion, according to earnings data released Thursday by Fifth Third Bancorp. Volume fell from the fourth-quarter’s revised $4.8 billion and from a revised $5.0 billion a year earlier.

The mortgage servicing portfolio closed out the first quarter at $50 billion, higher than $49 billion three months earlier.

Residential mortgage assets fell to $7.9 billion from $8.0 billion on Dec. 31 and $8.9 billion on March 31, 2009. Home-equity loan holdings were $12.2 billion, unchanged from three months earlier but lower than $12.7 billion 12 months earlier.

Commercial mortgages on the company’s balance sheet were $11.7 billion, lower than $11.8 billion at the end of 2009 and $12.6 billion a year ago. Commercial construction loan assets fell to $3.3 billion from $3.8 billion the prior year’s $4.7 billion.

Fifth Third said its first-quarter loss before taxes was $18 million, better than the $210 million loss in the previous quarter and the $257 million loss a year earlier.

The company finished last month with 20,038 full-time employees, fewer than 20,998 at the end of last year. On March 31, 2009, there were 20,618 employees.

Fifth Third operated 1,309 banking centers at first quarter’s end.

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