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Originations Higher But Delinquency Mixed at Regions

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Residential delinquency was worse at Regions Financial Corp., though delinquency on loans secured by investor commercial real estate sank. Originations were higher, and the company cut its losses.

Third-quarter production was $2.4 billion, according to earnings data. Business was better than the second quarter’s $1.8 billion and the third-quarter 2009’s $2.3 billion.

Refinances represented just over two-thirds of the latest period’s activity versus just 41 percent in the prior period.

So far this year, residential fundings amounted to $5.6 billion.

The total servicing portfolio of $41.2 billion included third-party servicing of $24.9 billion.

The Birmingham, Ala.-based firm owned $15.7 billion in home loans as of the end of last month, slightly higher than $15.6 billion in the prior period. Residential holdings were $15.5 billion at the same time last year.

Delinquency of at least 90 days climbed to 2.35 percent from 2.24 percent and was also worse than 2.23 percent at the same point in 2009.

Regions noted that a committee of key managers needs to approve decisions to proceed with foreclosures whether or not the company owns the loans.

Home-equity assets declined to $14.5 billion from $14.8 billion and were $15.6 billion on Sept. 30, 2010. The HEL delinquency rate improved from June 30, when it was 1.45 percent, to the latest quarter’s 1.36 percent. HEL lates were also lower than 1.42 percent on Sept. 30, 2009.

Regions owned $29.8 billion in commercial real estate loans at the end of the quarter, tumbling from $31.4 billion three months earlier and $35.8 billion in the third quarter of last year. Owner occupied commercial mortgage delinquency edged up to 0.05 from 0.04 percent at the end of the second quarter, while investor commercial mortgage delinquency tumbled to 0.04 percent from 0.16 percent.

Mortgage income edged up to $66 million from $63 million and was down from $76 million a year previous.

But Regions Financial had a $305 million loss before taxes, though that was better than the second quarter’s $365 million loss and less than half the $651 loss a year earlier.

There were 27,898 employees working at the company at the end of last month, virtually unchanged from the beginning of the period.

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