Mortgage originations declined at Branch Banking and Trust Co., but the servicing portfolio is growing.
Home-loan fundings during the first quarter were $4.8 billion, parent BB&T Corp. reported in earnings data today. Volume fell from $5.3 billion three months earlier and $7.4 billion one year earlier.
The residential mortgage servicing portfolio finished last month at $75.9 billion, higher than $73.6 billion at the end of December and $62.9 billion a year earlier. The latest total reflected $57.2 billion in third-party servicing and $18.7 billion in bank-owned servicing.
Mortgage holdings were $15.5 billion, edging up from $15.4 billion on Dec. 31 but declining from $16.3 billion on March 31, 2009.
BB&T earned $242 million in the first quarter, better than $207 million in the previous period but tumbling from $432 million in the same period last year.
The Winston-Salem, N.C.-based bank reported 31,929 full-time employees as of the end of the first quarter, fewer than 32,394 at the end of last year but more than 29,496 a year prior.
