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.
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.