Regions Sees Servicing Gain
Regions Financial here recouped $38 million in servicing rights value during the second quarter, benefiting from long-term interest rate trends.
Moreover, the company said that its 2006 merger with AmSouth has achieved "ahead-of-plan" cost savings.
The company said that non-interest revenue at Regions Mortgage improved by $3.8 million compared with the prior quarter, despite the challenges facing the entire mortgage industry. In the second quarter, Regions Mortgage earned $40.8 million in non-interest income.
Regions valued its mortgage servicing rights at $400 million at the end of the quarter.
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