M&T Bank Corp., Buffalo, N.Y., had record residential mortgage banking revenue of $48 million in the first quarter, a 50% increase from the same period last year. The bank's origination pipeline totaled $4.4 billion at March 31, up 85% from the end of the fourth quarter. In Q4, M&T took a $5 million valuation impairment on its mortgage servicing portfolio. M&T said it has modified $216 million of mortgage loans — primarily alt-A loans, of which $106 million were classified as non-accrual. The remaining modified loans were classified as "renegotiated" loans and were accruing interest as of March 31, 2009.
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