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Mortgage Metrics Decline at 5th 3rd

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Mortgage production, servicing and revenues all declined on a quarter-over-quarter basis at Fifth Third Bancorp. Residential assets, though moved slightly higher.

The Cincinnati-based firm disclosed in its fourth-quarter 2016 earnings report that income before income taxes was $509 million during the final-three months of last year.

Earnings dropped from the previous three-month period, when the total was $694 million. An even bigger decline was recorded from $949 million a year previous.

Mortgage banking net revenue dipped to $65 million from $66 million and fell from $74 million in the fourth-quarter 2015.

Fifth Third originated $2.7 billion in residential loans during the three months ended Dec. 31, 2016. Business
fell from $2.9 billion in the previous quarter but increased from $1.8 billion a year previous.

Full-year 2016 mortgage production amounted to $10.1 billion, better than $8.4 billion in 2015.

Fifth Third serviced $53.554 billion in residential loans for third parties as of year-end 2016. The servicing portfolio was reduced from $54.646 billion at the end of September and $59.024 billion at the end of 2015.

As of the end of last month, residential assets totaled $22.746 billion, slightly up from a $22.507 billion as of Sept. 30 and $22.196 billion as of year-end 2015. Mortgage Daily changed from reporting assets net of unearned discounts in the third quarter and prior to reporting without the discounts. The Dec. 31, 2016, total was made up of $15.051 billion in mortgages and $7.695 billion in home-equity loans.

Ninety-day delinquency on mortgages rose to 0.33 percent from 0.29 percent as of the end of September and as of the end of 2015.

HEL delinquency was deemed not meaningful.

Commercial real estate loans serviced for third parties inched up to $0.267 billion from $0.264 billion and were also up from $0.266 billion as of year-end 2015. The year-end 2016 total included $0.226 billion in commercial mortgages and $0.041 billion in commercial construction loans.

The balance sheet contained $10.802 billion in commercial real estate loans. The total was up from $10.761 billion three months earlier and $10.171 billion a year earlier. The latest total consisted of $6.899 billion in commercial mortgages and $3.903 billion in commercial construction loans.

Delinquency on commercial mortgages was cut to 1.04 percent from 1.25 percent three months earlier and 1.98 percent the prior year.

Last year concluded with 17,844 full-time equivalent employees on the payroll. Staffing subsided from 18,072 three months earlier and 18,261 one year earlier.

There were 1,191 banking centers, the same as in the prior quarter.

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