The Atlanta-based banking company originated $8.8 billion in residential loans in the first quarter, up from $8.2 billion from the prior quarter and up 15% from a year ago.
“Application volumes are expected to increase in 2Q from HARP marketing efforts and seasonal growth in purchase activity,” according to the earnings report released Friday morning.
Mortgage production income totaled $159 million in the first quarter, compared to $241 million in the fourth quarter, “primarily driven by declines in margins. Partially offsetting the decline was higher origination fees due to the 11% increase in loan production,” the bank said.
In terms of mortgage banking and servicing income, SunTrust reported a $21 million loss, compared to a $130 million loss a year ago.