Mortgage Income Declines for New York Community

New York Community Bancorp said mortgage banking contributed $23.2 million to total revenue in 2Q13.

This was $2.9 million less than 1Q13’s $26.1 million and $35.1 million less than 2Q12’s $58.3 million. The reason for the year-over-year decline, the Westbury, N.Y.-based company said, was a drop in residential mortgage loan production due to rising interest rates.

It originated $2.1 billion in the recent quarter, down from $2.6 billion in the same period last year.

NYCB said originations contributed $17.1 million to mortgage banking income and servicing contributed $6.1 million.

In the quarter the company produced $1.4 billion of multifamily loans for investment, $113 million more than in 2Q12; and $670 million of commercial real estate loans, $142 million more than in 2Q12.

NYCB’s net income was $122.5 million in 2Q13, compared with $118.7 million in 1Q13 and $131.2 million in 2Q12.