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US Bank Raises Mortgage Originations

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Like its big-bank peers thus far, Minneapolis-based U.S. Bancorp, realized a healthy boom in residential home loans during the recent quarterly financial period.

The lending institution finished the second quarter with $20.191 in mortgage originations.

Lending volume jumped up from the $16.791 billion funded during the first three-months of this year.

This data, along with other operational and financial results, was gleaned from information documented in U.S. Bank’s second-quarter 2016 earnings report.

As well, the latest total finished well ahead of the $18.901 billion originated from April 1 to June 30 a year prior.

The most-recent production included $13.540 billion in originations for sale, $4.582 billion in mortgages originated for investment and $2.069 billion in home-equity loans originated for investment.

Altogether, U.S. Bank closed $36.982 in new home loans during the first-six months of 2016.

Next quarter, home-loan activity could rise based on application volume, which grew to $19.9 billion from $16.7 billion in the first three months of 2016.

As of June 30, U.S. Bank serviced $231.878 billion for others. The balance shrank from $232.151 billion as of March 31 and $225.454 billion as of June 30, 2015.

Residential assets on the balance sheet came to $72.385 billion at the end of last month. The mortgage investment portfolio increased from the $71.287 billion noted at the end of the first quarter and further widened from $67.408 reported at the end of June last year.

Mortgages at $42.534 billion, first-lien home-equity loans at $13.370 billion and second liens and HELs at $16.481 billion comprised the sum of U.S. Bank’s residential holdings.

The investment portfolio also accounted for $43.290 billion in commercial real estate loans. These assets grew from $42.743 billion three months earlier and $42.258 billion one year earlier.

CRE holdings included $32.129 billion in commercial mortgages and $11.161 billion in construction-and-development loans.

Outstanding repurchase and make-whole requests increased to $7 million from $6 million as of March 31.

Mortgage banking revenues climbed to $238 million from $187 million in the prior period and $231 million in the second-quarter 2015.

At the holding-company level, U.S. Bank earned $2.1 billion prior to income taxes. Income levels inched higher than the $2.0 billion brought in during the first quarter and equaled earnings from the three-month period that ended June 30 a year ago.

As of June 30, U.S. Bank had 3,122 branches — seven fewer than counted at the end of March.

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