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US Bank Turns up Home Lending Volume

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Quarterly mortgage production outperformed its prior-period counterpart at U.S. Bancorp, making it one of the few lenders with a gain. But new applications suggest growth may have peaked.

The financial institution originated $19.809 billion in residential loans during the third quarter, according to data from its earnings report released Thursday.

Home loan fundings increased from $18.901 billion in the second quarter and $14.739 billion in the third-quarter 2014.

The only other home lender to report a quarter-over-quarter gain so far was JPMorgan Chase & Co.

The latest production total included $13.979 billion in loans originated for sale, $3.917 billion in mortgages originated for investment and $1.913 billion in home-equity loans originated for the investment portfolio.

The Minneapolis-based financier issued $53.108 billion in residential mortgages from Jan. 1 through Sept. 30.

Third-quarter mortgage application volume fell to $17.0 billion from $18.4 billion in the prior period. As a result, new mortgage business might recede in the fourth quarter.

As of Sept 30, 2015, U.S. Bank serviced $229.294 billion residential mortgages for others. The servicing portfolio grew from $225.454 billion as of June 30 and $224.632 billion as of Sept. 30, 2014.

Expanding from $67.408 billion at the end of the second-quarter 2015 to $68.537 billion as of Sept. 30, U.S. Bank’s residential assets also grew from $67.726 billion at the end of the third quarter last year.

The residential asset total was pooled from mortgages at $39.341 billion, first-lien HELs at $13.008 billion and HELs and second mortgages at $16.188 billion.
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In the last completed three-month financial period, residential loan delinquency of at least 30 days, including nonperforming loans, was lowered to 2.08 percent from 2.18 percent in the second-quarter and 2.49 percent in the third-quarter 2014.

At 1.52 percent as of the end of last month, HEL delinquency was seven basis points better than in the prior quarter. The third-quarter marker also improved by 30 BPS compared to one year prior.

Commercial real estate assets at $42.478 billion as of Sept. 30, 2015, saw a slight increase from the $42.258 billion owned as of June 30. The gap further widened from $40.909 billion on the Sept. 30-ended balance sheet for 2014.

Last month’s CRE loan holdings were comprised of $32.089 billion in commercial mortgages and $10.389 billion in construction-and-development loans.

Thirty-day or more delinquency on CRE loans in the third quarter was 0.54 percent, four BPS lower than three months earlier and 20 BPS improved from a year earlier.

From July 1 to Sept. 30 of this year, mortgage repurchases and make-whole payments equaled $14 million. This category made a $5 million leap from the previous three-month period.

The bank’s less than $2.1 billion in third-quarter 2015 earnings remained nearly the same on a quarter-over-quarter and year-over-year basis.

At the end of the third quarter, branch count was 3,151, down 13 from the June 30 tally.

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