Magazine article American Banker

Banks See Higher Retail Originations, Lower Wholesale Volume

Magazine article American Banker

Banks See Higher Retail Originations, Lower Wholesale Volume

Article excerpt

Byline: Brian Collins

WASHINGTON -- Single-family mortgage originations jumped 7.5% in the third quarter at banks compared to a quarter earlier, the Federal Deposit Insurance Corp. said Tuesday.

Institutions originated $89.8 billion in such loans through their retail networks, up from $83.5 billion in the second quarter but down 36% from a year earlier when the refinancing boom was winding down.

Wholesale originations, meanwhile, totaled $67 billion in the third quarter, down from $80.1 billion in the prior quarter.

Insured depositories that originate more than $10 million in residential loans a quarter are required to report mortgage origination data, as do all institutions with $1 billion or more in assets. According to the 966-reporting institutions, they earned $4.8 billion in mortgage banking income from the sale, securitization and servicing of mortgages in the third quarter, down from $5 billion a quarter earlier. …

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