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Mortgage Business Slows at Regions

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In line with the overall industry trend, quarterly mortgage production at Regions Financial Corp., was lower. Also moving lower was home loan delinquency.

In the three months ended Sept. 30, residential loan originations totaled $1.606 billion, Regions said in the third-quarter earnings report.

That wasn’t as good as the $1.921 billion closed in the second quarter nor was it as much as the $2.226 billion fundings in the third-quarter 2012.

So far during all of 2013, Region’s mortgage production amounted to $5.346 billion.

Regions didn’t report its latest servicing portfolio, but its most recent 10Q filing with the Securities and Exchange Commission indicated that the third-party servicing portfolio was $28.452 billion as of June 30.

The Birmingham, Ala.-based company closed out the third quarter with $24.205 billion in residential assets, slightly off the $24.249 billion owned as of three months earlier. Residential holdings were also lower than the third-quarter 2012, when they stood at $25.250 billion.

Last month’s residential loans on the balance sheet included $12.856 billion in first liens, $5.894 billion in first-lien home-equity loans and $5.455 billion in second-lien HELs.

Total delinquency of at least 30 days on non-guaranteed first mortgages fell to 2.60 percent from 2.89 percent. The rate was also better than 3.56 percent one year prior.

HEL 30-day delinquency slipped to 1.79 percent from 1.82 percent and was 1.87 percent in the third-quarter 2012.

Regions owned $16.873 billion in commercial real estate loans, less than its $17.090 billion in CRE assets as of June 30 and $19.330 billion as of Sept. 30, 2012.

CRE assets as of Sept. 30, 2013, included $9.566 billion in owner-occupied commercial mortgages, $5.613 billion in investor commercial mortgages and $1.694 billion in construction loans.

On owner-occupied commercial mortgages, the delinquency rate was 0.66 percent. CRE delinquency improved from 0.70 percent three months earlier and 0.74 percent 12 months earlier.

Investor CRE delinquency, however, worsened, jumping to 2.38 percent from the prior quarter’s 1.45 percent and 1.11 percent as of Sept. 30, 2012.

Income from mortgages fell to $52 million from $69 million and was down even more compared to the $106 million earned in the third-quarter 2012.

Prior to income taxes, income at the bank-holding company from continuing operations was $417, improving from the second quarter’s $390 million but down from $448 million a year earlier.

As of the end of last month, 24,068 people were employed across all business lines. Headcount expanded from 23,692 at the end of June and 23,361 as of the same date in 2012.

Branch count was down three from the second quarter to 1,706.

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