OTS: Thrift Originations Flat in 1Q

Refinancings constituted 47% of thrift single-family originations in the first quarter, but overall origination activity was flat compared with that of the fourth quarter, according to the Office of Thrift Supervision.The OTS first-quarter report actually shows that one- to four-family originations jumped 33.5% to $149.6 billion in the first quarter, but OTS officials said the increase in mortgage activity is mainly due to Countrywide Financial Corp.'s conversion of its national bank into a federally insured thrift. The report also shows that sales of single-family loans increased by 44%, to $177.7 billion. Refinancing activity accounted for 47% of all originations in the first quarter, up from 39% in the previous quarter and 35% a year earlier. Meanwhile, the 838 federal thrifts reported total earnings of $3.6 billion, up 15% from their level in the fourth quarter and down 14% from that of a year earlier.