Lenders across the nation have been reporting stronger loan originations as rates fall to historic lows. But the degree of improvement varies by company, channel and region.
PrimeLending originated $2.448 billion in the third quarter based on earnings data from parent PlainsCapital. Business was better than the second quarter’s $1.927 billion and also more than the $2.223 billion generated in the third-quarter 2010.
Residential production at Regions Financial Corp. was $1.5 billion in the third quarter based on earnings data. Business improved from $1.4 billion three months earlier but sank from $2.4 billion a year earlier.
A “record surge” in mortgage applications reported by Navy Federal Credit Union has the financial institution expecting full-year originations to fly past $5 billion, an Aug. 22 news release indicated. Navy, which said it services all of its production, noted that borrowers are “taking advantage of a powerful combination of unique opportunities in the housing market.”
Astoria Financial Corp. closed around $1.1 billion in the third quarter, leaping from $0.6 billion in the prior quarter and the same quarter during the prior year.
At Wintrust Financial Corp., residential loans originated for sale totaled $642 million, an improvement from the second quarter’s $459 million but worse than the $1.1 billion originated in the third-quarter 2010.
IBERIABANK Corp. originated $504 million in mortgages during the three months ended Sept. 30, rising from $353 million in the second quarter, earnings data indicated.
In an interview with CBSÂ Moneywatch, a United Wholesale Mortgage executive said 2010 home-loan production was $2 billion. Around 90 percent of the volume was originated by the company’s more than 1,000 approved mortgage brokers.
Home-loan production was $471 million at AssociatedBanc-Corp., the company said in its third-quarter earnings report. Business improved from the second quarter’s $251 million but fell well short of $0.7 billion originated for the third-quarter 2010.
Third-quarter residential mortgage acquisitions at Redwood Trust Inc. were $405 million, surging from $152 million in the prior period, according to earnings data released Thursday. In addition, $27 million in commercial loans were originated.
Redwood saw its residential real estate loan holdings climb to $4.158 billion from $3.860 billion as of June 30. Commercial real estate loans on the balance sheet rose to $0.111 billion from $0.84 billion.
First-half 2011 loan originations at Provident Financial Services Inc. were $602 million, the Jersey City, N.J.-based company reported in a recent filing with the Securities and Exchange Commission.
Ann Arbor, Mich.-based Gold Star Mortgage announced that it ranked as the second-biggest lender in the Detroit metropolitan area with more than 5,200 loans originated for $983 million during 2010. This year, the company expects to surpass last year’s production.
For the ninth consecutive year, Arvest Mortgage Co. has originated more than $1 billion in new mortgages, the company said in a blog posting.
At first Internet Bancorp, originated mortgages awaiting sale rose to $44 million at the end of September from $20 million a year earlier, the Indianapolis-based company reported in its earnings report.
Refinance originations in Central Florida — including Orange, Seminole, Volusia, Osceola and Lake Counties — doubled during September, according to the Central Florida Mortgage Report from FBC Mortgage LLC. But refinance share was only 20 percent. Total volume in the region was nearly $140 million, improving from less than $120 million in the prior quarter and right at $120 million in the same quarter last year.
A quarterly report from Inside Mortgage Finance indicated that third-quarter production at Provident Funding rose to $6.26 billion from $5.33 billion three months earlier, while USAA reportedly saw volume rise to $3.4 billion from $3.37 billion and Franklin America closed $2.83 billion versus $2.62 billion. Sovereign lifted volume to $2.4 billion from $2.13 billion, and INGÂ raised fundings to $2.2 billion from $1.95 billion.
In Pittsburgh, HFFÂ Inc. reported in its earnings announcement that third-quarter commercial real estate production was 267 transactions for $10.043 billion, nearly doubling the 175 transactions closed for $5.127 billion in the same period during 2010. Third-quarter volume included $1.3 billion in loan sales as well as $5.4 billion in debt placement, $2.7 billion in investment sales and $0.6 billion in structured finance.
