Mortgage Daily Logo
mortgage news from industry experts

First Republic Grows Mortgage Business

Mortgage production, servicing and assets at First Republic Bank all increased on a quarter-over-quarter and year-over-year basis.

Fourth-quarter 2016 earnings data indicate that prior to income taxes, there was a $229 million profit at the 32-year-old
company.

San Francisco-based First Republic earned more than $202 million in the previous three-month period and $182 million a year earlier.

First Republic originated $3.517 billion in consumer residential loans during the three months ended Dec. 31, 2016. Business
ascended from $3.260 billion in the third quarter and $2.034 billion in the final three months of 2015.

Fourth-quarter 2016 volume consisted of $3.064 billion in single-family loans and $0.452 billion in home-equity lines of credit.

Full-year 2016 residential production amounted to $12.431 billion, including $10.616 billion in single-family business and $1.815 billion in HELOC activity. Full-year overall originations increased from $9.209 billion during 2015.

First Republic serviced $11.655 billion in residential loans for third parties as of the close of last year, The servicing portfolio was up from $11.494 billion
as of Sept. 30, 2016, and $10.531 billion as of year-end 2015.

The bank had $28.857 billion in residential assets on its balance sheet as of New Years Eve, including $26.235 billion in single-family loans and $2.622 billion in HELOCs. The balance grew from $27.499 billion three months earlier and $25.463 billion as of Dec. 31, 2015.

Within First Republic’s commercial real estate unit, loan originations surged to $1.670 billion from $1.289 billion in the third quarter and $0.900 billion in the fourth-quarter 2015.

The most-recent three-month period was comprised of $0.743 billion in multifamily loans, $0.447 billion in commercial mortgages and $0.480 billion in construction loans.

From Jan. 1, 2016, through Dec. 31, overall CRE production was $5.239 billion — including $2.453 billion in multifamily loans, $1.355 billion in commercial mortgages and $1.342 billion in construction loans. Full-year 2015 CRE originations came to $4.097 billion.

CRE loans on First Republic’s balance sheet came to $13.599 billion as of year-end 2016, expanding from $12.777 billion as of the close of the third quarter and $10.964 billion as of the end o 2015. Last month’s CRE investments were made up of $6.688 billion in multifamily loans, $5.485 billion in commercial mortgages, $0.497 billion in single-family construction loans and $0.929 billion in multifamily construction loans.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION