The residential mortgage banking segment at BB&T Corp. had net income of $101 million for 1Q13, up from $88 million in 4Q12 but down from $128 million in 1Q12.
Overall, the company had net income of $210 million for the quarter, but that was reduced by a $281 million adjustment to address a previously unresolved tax liability.
Noninterest income for the residential mortgage banking business decreased by $34 million in 1Q13 because of lower gain on sales margins; this was partially offset by higher loan servicing income.
Residential mortgage banking made up 11% of BB&T’s revenue in the quarter.
It had record quarterly residential mortgage loan production of $8.7 billion, up 5% versus 1Q12. Over two-thirds of the volume was refinancings.
Retail mortgage originated $3.2 billion in loans, up 4% compared with 1Q12. The remaining volume was correspondent purchases.
According to the company’s presentation during its conference call, initiatives for 2013 include expanding the mortgage correspondent lending network and investing in retail mortgage lending in targeted geographies.
In March, the
