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Originations Evaporating at PNC

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Production at PNC Mortgage has plummeted more than 70 percent during the past 12 months, while mortgage earnings have declined more than 60 percent. But compared to the prior quarter, the mortgage banking staff increased by more than 70 people, delinquency declined and mortgage earnings improved.

The PNC Financial Services Group Inc. reported today first-quarter residential originations of $2.0 billion, worse than $2.3 billion in the previous quarter. Production paled compared to $6.9 billion a year earlier.

PNC said the third-party residential servicing portfolio ended the first quarter at $141 billion, lower than $145 billion on Dec. 31.

The bank owned $17.6 billion in residential mortgages, less than $18.2 billion owned as of the end of 2009. Home-equity lines-of-credit owned by the company eased to $24.0 billion from $24.2 billion on Dec. 31, and home equity loans fell to $11.4 billion from $11.7 billion.

Residential construction loan assets edged up to $1.7 billion from $1.6 billion.

Home-loan delinquency of at least 30 days fell to 5.06 percent from 5.19 percent but rose from 4.06 percent a year earlier.

Commercial real estate holdings fell to $22.0 billion from $23.1 billion on Dec. 31. Commercial delinquency increased to 4.71 percent from 3.80 percent the prior quarter and 1.96 percent the prior year.

Residential mortgage banking earnings were $82 million, a big improvement from the fourth quarter’s $25 million but far lower than $227 million in the first-quarter 2009.

PNC earned $0.9 billion from continuing operations before income taxes and non-controlling interests, plummeting from $1.6 billion the prior quarter but better than $0.6 billion a year earlier.

Mortgage banking headcount ended last month at 3,340, higher than 3,267 at the end of December but fewer than 3,596 a year earlier.

Headcount across all of PNC finished March at 56,098, higher than 55,820 three months prior.

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