Mortgage Daily

Published On: April 22, 2004
First Horizon Fundings Rise

$7 billion in 1st quarter production

April 22, 2004

By MortgageDaily.com staff

The company formerly known as First Tennessee reported an increase in fundings.

First Horizon’s mortgage loan originations during the first quarter totaled $7.0 billion, up from the previous quarter’s $6.4 billion, parent company First Horizon National Corp. reported. Volume a year ago was reported at $11.5 billion.

Refinances represented 58% of total originations during the first quarter, according to the announcement, leaving purchase originations at $3.0 billion.

The mortgage-servicing portfolio had a balance of $70.3 billion at the quarter’s end, up 21% from the prior year, the company said.

After shareholder approval at the annual meeting Tuesday, the parent company — which announced record earnings of $119.3 million — said it changed its name from First Tennessee “to better reflect the corporation’s growing national presence.”

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