Despite a quarterly dip in mortgage originations at U.S. Bancorp, the financial institution’s mortgage servicing portfolio and residential assets expanded.
Home lending volume during the first three months of this year came to $16.791 billion.
Business was off slightly from $17.421 billion in the final three months of last year.
That was according to operational and financial results that were divulged in the Minneapolis-based organization’s first-quarter 2016 earnings report.
Mortgage production climbed, however, from $14.398 billion in the first thee months of last year.
First-quarter 2016 activity was made up of $10.973 billion in originations for sale, $4.195 billion in mortgages originated for investment and $1.623 billion in home-equity loans originated for investment.
Second-quarter mortgage production could see an increase based on application volume, which rose to $16.7 billion from $14.0 billion in the fourth-quarter 2015.
U.S. Bank serviced $232.151 billion for others as of the end of last month. The servicing portfolio crept up from $231.771 billion as of Dec. 31, 2015, and $225.196 billion as of March 31, 2015.
The bank’s investment portfolio included $71.287 billion in
residential assets as of March 31, 2016. The total increased from $69.880 billion at the end of 2015 and $66.948 billion at the end of the first-quarter 2015.
Residential holdings consisted of $41.742 billion in residential loans, $13.213 billion in first-lien HELs and $16.332 billion in second-liens and HELs.
Also on the most-recent balance sheet were $42.743 billion in commercial real estate loans. CRE assets increased from $42.137 billion three months earlier and $42.409 billion one year earlier.
The March 2016 total was comprised of $31.936 billion in commercial mortgages and $10.807 billion in construction-and-development loans.
Outstanding repurchase and make-whole requests were cut to $6 million from $12 million as of year-end 2015.
The report indicated that mortgage banking revenues were reduced to $187 million from $211 million. Revenues tumbled from $240 million in the first-quarter 2015.
Prior to income taxes, earnings across the bank-holding company dipped to $2.0 billion from $2.1 billion and were mostly unchanged from the same quarter last year.
There were 67,000 people employed by U.S. Bancorp as of the close of the first-quarter 2016.
Branch count finished last month at 3,129, four fewer than at the end of last year.
