Residential loans originations softened on a quarter-over-quarter basis at PrimeLending. Also declining was the lender’s mortgage servicing portfolio.
For the first-three months of this year, mortgage production at the Dallas-based firm came to $2.929 billion.
Business slowed compared to the final-three months of last year, when home loan production totaled $3.066 billion.
But originations picked up from the first-quarter 2015, when PrimeLending funded $2.814 billion.
The details, along with other operational and financial results, were presented by parent Hilltop Holdings
Inc. in its first-quarter 2016 earnings report.
Refinances accounted for
30 percent of the latest activity, climbing from 24 percent the previous quarter.
As of March 31, 2016, PrimeLending serviced $5.004 billion in mortgages for third parties. The servicing portfolio was down from $5.052 billion as of year-end 2015 and .
Repurchase claims were trimmed from $57 million at the end of last year to $54 million at the end of the first-quarter 2016.
Mortgage origination income prior to income taxes was $9 million,
plummeting from $47 million the prior quarter and $10 million a year prior.
Pre-tax earnings at the holding company increased to $43 million from
the fourth-quarter 2016’s $33 million but sank from $129 million in the first-quarter 2015.
Across all business, Hilltop employed around 5,300
people as of March 31, 2016, the same as at the end of last year.
With roughly 400 branches, there was no change in branch count from three months earlier.
Hilltop said it completed its acquisition of SWS Group Inc. on Jan. 1.
