Residential loan originations may have been down, but BB&T Corp. grew its servicing portfolio, increased its mortgage investments and lowered its delinquency.
During the first three months of 2014, home loan originations were $3.804 billion.
Business dropped from the $5.344 billion in mortgage production generated during the final three months of last year.
Even worse was the decline from last year, when mortgage fundings amounted to $8.665 billion.
First-quarter 2014 activity consisted of $1.4 billion in retail production and $2.4 billion in correspondent purchases. Refinance share was 34 percent.
Residential loans serviced by BB&T totaled $121.942 billion as of March 31. The servicing portfolio increased from $112.835 billion at the end of the fourth quarter and $103.792 billion at the end of the first-quarter 2013.
The third-party portion of the servicing portfolio was $88.239 billion as of last month.
Residential loans on BB&T’s books leapt to $32.897 billion from $24.648 billion on Dec. 31, 2013. The jump reflected an $8.3 billion transfer of loans from direct retail lending to residential mortgage. The year-earlier number was $23.954 billion.
Delinquency of at least 30 days was 2.77 percent, falling from 3.14 percent in the prior report and 3.60 percent in the year-earlier report.
The non-accrual rate was 0.97 percent, 1 basis point better than in the fourth quarter.
Commercial real estate loans finished the first quarter at $12.889 billion. The Winston-Salem, N.C.-based company increased its CRE holdings from $12.610 at the end of last year. But CRE assets were down from $12.600 billion at the same point in 2013.
The residential mortgage banking business earned $101 million in the first quarter prior to taxes, improving on the revised $80 million earned three months earlier. Still, mortgage income sank from a revised $221 million in the year-earlier quarter.
BB&T originally reported mortgage earnings at $43 million and $163 for last year’s fourth and first quarters, respectively.
Before income taxes, BB&T Corp. earned $795 million, off from fourth-quarter net of $831 million but better than $737 million earned in the same quarter last year.
BB&TÂ finished the first quarter with a staff of 33,765 full-time employees. Headcount grew from 33,696 three months earlier but softened from 33,952 twelve months earlier.
The branch network was down by one banking office from the previous quarter to 1,824.
