Mortgage Daily

Published On: October 18, 2002
More Earnings On The Horizon

First Horizon 3rd quarter production $9.2 billion

October 18, 2002

By MortgageDaily.com staff

First Horizon Home Loans announced Wednesday an increase in mortgage origination volume and record earnings for the third quarter.

Third quarter mortgage origination volume reportedly totaled $9.2 billion at First Horizon, a 56% increase from second quarter’s $5.9 billion. Last year’s third quarter volume totaled $5.6 billion.

Driven by low mortgage interest rates, refinance activity represented more than 66 percent of those originations, said the company, a full service mortgage company based in Irving, Texas.

Fees from the origination process, excluding the revenue recognized on MSR created during third quarter, increased 91% to $95.3 million compared to last year, the report said. This increase reflects growth in origination fees, in revenue recognized on loans sold including increased net gains from warehouse hedging activities, and in the value recognized on loans in process including increased net gains from pipeline hedging activities, it said.

On Sept. 30, the mortgage-servicing portfolio totaled $52.1 billion, compared to $44.2 billion the same time last year, the company reported.

First Horizon, a subsidiary of Memphis-based First Tennessee National Corp., said net earnings were a record $95.6 million for the third quarter.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN