Thrift originations of single-family loans totaled $603.3 billion in 2004, down 17.3% from the record set in 2003, according to the Office of Thrift Supervision.The OTS reported that fourth-quarter originations increased by 7%, to $154.1 billion, from $143.9 billion in the third quarter. Adjustable-rate mortgages constituted 62% of fourth-quarter originations, up from 37% a year ago. Thrifts also posted record earnings of $14.0 billion in 2004, as the number of thrifts declined to 886, but assets grew by 20% to $1.3 trillion. The turnaround in mortgage servicing income helped to boost earnings, according to OTS figures. In 2003, thrifts took a $712.5 million hit due to refinancings and runoff. In 2004, the loss was only $62.7 million.

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