Cole Taylor Ramps Up Originations, Servicing
Cole Taylor Mortgage had nearly $2 billion of mortgage originations in the fourth quarter, up 41% from the third quarter.
At the same time, its servicing portfolio increased 37% to $8.5 billion.
For the full year, the mortgage operation contributed $125.5 million of revenue to parent company Taylor Capital Corp., up from just $20.4 million in 2011 because of growth in mortgage originations and an increase in the mortgage servicing portfolio. During the quarter it reported revenue of $44.3 million.
The servicing portfolio increased to $78.9 million from $8.7 million at Dec. 31, 2011 as a result of Taylor’s diversification strategy to build a full service mortgage business.
The portfolio includes both self-originated and acquired servicing.
During the fourth quarter, Taylor added nearly $26 billion in MSRs.
Taylor Capital had fourth-quarter income of $22 million and full-year income of $62 million.