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Mixed Bag at SunTrust

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Home loan fundings fell at SunTrust Banks Inc., but residential and commercial delinquency improved. Losses, meanwhile, widened.

Third-quarter residential originations were $11.6 billion, according to earnings data reported today. Volume thinned from $16.7 billion the prior quarter but remained higher than $8.1 billion in the third quarter of last year.

Through Sept. 30, fundings totaled $41.7 billion.

In-house loan originators generated half of third-quarter production, while correspondent customers accounted for 27 percent and mortgage brokers originated 23 percent. A year earlier, mortgage brokers accounted for nearly one-third of business.

The Atlanta-based institution said refinances represented 60 percent of third-quarter activity — nearly double the share a year ago.

The mortgage servicing portfolio expanded to $177.6 billion from $173.1 at the end of the second quarter and $159.3 billion on Dec. 31, 2008. The latest tally included $145.2 billion in loans serviced for others, higher than $137.2 billion on June 30.

Residential mortgage holdings were $31.6 billion as of Sept. 30, lower than $32.0 billion three months earlier and $32.4 billion 12 months earlier. Home-equity line-of-credit assets dipped to $16.1 billion from $16.3 billion on June 30 and $16.2 billion at the end of the third-quarter 2008.

Residential delinquency of at least 30 days was 4.51 percent, falling from 4.84 percent at the end of the second quarter.

HELOC late payments of between 30 and 89 days, however, increased to 1.45 percent from 1.38 percent.

Residential construction holdings were $7.4 billion, lower than $8.2 billion on June 30. Construction loan delinquency tumbled to 2.63 percent from 3.36 percent.

Commercial mortgages on the balance sheet finished last month at $15.3 billion, falling from $15.9 billion at the end of June but higher than $13.8 billion a year ago.

Commercial mortgage delinquency of between 30 and 89 days was 0.84 percent as of Sept. 30, better than 0.85 percent on June 30.

The holding company had a $317 million loss, deteriorating from the second quarter’s $184 million loss. During the third-quarter 2008, SunTrust had a $312 million profit.

Headcount finished the third quarter at 28,015, lower than 28,520 full-time equivalent employees at the end of the second quarter and 29,447 on Sept. 30, 2008.

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