M&T Bank Sees Mortgage Production Double

M&T Bank Corp. reported strong revenues from its residential finance business in the third quarter with originations of single-family mortgages doubling from the prior quarter.

“We locked in $856 million in the second quarter and $1.8 billion in the third quarter, according to M&T chief financial officer Rene Jones.

Jones noted that applications are “still on an uptick” with $2.3 billion at the end of the third quarter, compared to $1.8 billion in the second quarter and $1.4 billion in the first quarter.

“With the pipeline so full, we have expanded our capacity as much as we can,” the CFO said. 

M&T reported $106.8 million in mortgage revenues, compared to $68.5 million in the prior quarter and $38 million a year ago.

Mortgage banking revenue includes the bank’s residential and commercial mortgage lending and servicing businesses. “We are doing a lot of multifamily refinancings,” a bank spokesman said.

The Buffalo, N.Y.-based bank expects to close its pending acquisition of Hudson City Savings Bank in the second quarter of 2013. Among residential funders, M&T ranks 30^th nationwide, according to figures compiled by National Mortgage News and the Quarterly Data Report.

Hudson City of Paramus, N.J., is an active correspondent buyer of mortgages in the greater New York/New Jersey metro area. Among residential funders it ranks 40^th nationwide.