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Hilltop’s Originations Up, Mortgage Earnings Down

Home lending volume accelerated at of Hilltop Holdings Inc., though mortgage earnings deteriorated. Servicing expanded, while staffing was down.

Hilltop Holdings Inc., the parent of PrimeLending, disclosed in its second-quarter earnings reported that it earned $45 million in income before income taxes.

Earnings deteriorated from a year earlier, when the total was $89 million. But income improved compared to three months earlier, when Hilltop earned $32 million.

Mortgage origination income came in at $13 million,
declining from $19 million in the second-quarter 2017. But mortgage income swung from a $3 first-quarter 2018 loss.

Residential loans originations, which are generated through PrimeLending, totaled 17,007 loans for $4.107 billion during the three months ended mid-year 2018 — soaring from 12,311 units for $2.960 billion three months earlier and up modestly from 17,594 mortgages for $4.058 billion one year earlier.

From Jan. 1, 2018, through June 30, Hilltop’s originations amounted to 29,318 loans for $7.067 billion.

Conventional loans made up 62 percent of the latest production, government transactions accounted for 24 percent, and jumbo represented 9 percent. Refinance share was 12.0 percent, sinking from 20.3 percent the prior period.

As of June 30, interest rate lock commitments stood at $1.4 billion.

Hilltop serviced $4.394 billion for third parties as of mid-2018, more than $3.761 billion as of a year prior.

There were 5,400 people on the payroll of Hilltop as of the end of last month. Headcount was down a hundred employees from mid-2017.

As of mid-year 2018, Hilltop operated 475 locations. There were 465 locations a year prior.

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