A modest increased in quarterly residential loan originations was reported by EverBank Financial Corp. The company’s mortgage servicing portfolio diminished.
EverBank revealed in its third-quarter 2016 earnings report that it earned $59 million before the provision for income taxes during the three months ended Sept. 30.
Income at the Jacksonville, Florida-based financial institution soared from $35 million during the prior quarter. Earnings also improved from $47 million a year prior.
Mortgage originations during the most-recent three-month period came to $2.532 billion. Lending activity inched up from $2.406 billion in the second quarter and was also higher than $2.292 billion in the third-quarter 2015.
Year-to-date mortgage production totaled $6.734 billion.
Retail originations accounted for $1.782 billion of third-quarter 2016 production, while consumer-direct lending made up $0.483 billion, and correspondent acquisitions represented $0.266 billion.
Application volume rose to more than $1.7 billion during the latest three-month period from less than $1.6 billion in the second quarter, suggesting that fourth-quarter originations are continuing at a similar pace. In addition, rate locks were nudged up to nearly $1.7 billion from less than $1.6 billion.
EverBank serviced
$40.323 billion in loans as of Sept. 30, 2016. The servicing portfolio was trimmed from $40.475 billion three months earlier and reduced from $44.347 billion one year earlier.
There were $12.966 billion in residential assets on EverBank’s balance sheet as of the end of last month. The total increased from $12.439 billion as of June 30, 2016, and $11.649 billion as of Sept. 30, 2015.
The Sept. 30, 2016, total consisted of $11.793 billion in mortgages and $1.173 billion in home-equity lines of credit and other loans.
In its commercial real estate business, the origination of commercial and CRE loans was $0.444 billion as of the most-recent period. Commercial lending climbed from $0.358 billion the prior quarter but was off from $0.649 billion a year prior.
Year-to-date commercial production amounted to $1.167 billion.
CRE assets finished the latest period at $6.959 billion, increasing from $6.867 billion as of mid-2016 and $5.823 billion as of the same date last year.
Last month’s CRE holdings consisted of $3.882 billion in CRE and other commercial loans and $3.077 billion in mortgage warehouse finance.
