Second quarter mortgage banking revenue at U.S. Bancorp, Minneapolis, was $239 million, up 20% from the first quarter's $199 million but down nearly 2% from the second quarter 2010's $243 million.
The change between the first and second quarter, the company said, was driven by a higher net valuation of its mortgage servicing rights and higher origination and loan sales revenue as well as higher servicing revenues.
Mortgage banking contributed $136 million in income to U.S. Bancorp's Consumer and Small Business Banking segment, which itself contributed $192 million to the parent company's net income of $1.2 billion.
There were $13 billion of residential mortgage and other retail loan originations, $16 billion of new commercial loan and commercial real estate loan commitments, and $22 billion of commercial loan and commercial RE loan commitment renewals.
Charge-offs of residential mortgage loans during the quarter were $119 million, an improvement over the $129 million for the first quarter and $138 million for the second quarter 2010.
As of June 30, U.S Bancorp had $671 million of nonperforming residential mortgages, $650 million of nonperforming commercial mortgages and $714 million of nonperforming commercial construction and development loans.
