| Production Up 1/3 From 2001 at First Horizon
Originations at $32.9 billion January 31, 2003 By MortgageDaily.com staff |
| First Horizon reported an increase in loan origination volume, fueled by the record refi rage of 2002.
The Irving, Texas-based lender produced $32.9 billion in loans last year, a one-third increase from 2001. Loans securitized and sold into the secondary market reached $30.8 billion last year, a 42% increase from 2001. Refinances represented 67% of total originations in 2002, compared with 61% the year before. As with the industry in general, First Horizon’s refi increase was fueled by a year of low interest rates, it said. First Horizon’s parent is First Tennessee National Corporation and includes two branches: First Horizon Home Loans and First Horizon Equity Lending. Shares of First Tennessee were up $0.84 at $36.98 during late Thursday trading, according to CBSMarketwatch.com. |
