U.S. Bancorp, Minneapolis, reported record mortgage production of $16.6 billion for the third quarter, which contributed to a 12.3% increase in its mortgage banking revenue over the previous year.
For the quarter, the company reported $310 million in mortgage banking revenue, up from $276 million one year ago.
As a whole, U.S. Bancorp earned $908 million in the most recent quarter, compared with $693 million in the third quarter 2009.
In the release, U.S. Bancorp chairman, president and chief executive Richard K. Davis commented “In regard to the mortgage industry and recent questions concerning the validity of some foreclosures, I would like to reiterate our company’s primary goal, which is to keep borrowers in their homes whenever possible. We actively participate in a number of loan modification programs that help to establish affordable payment options for our customers.
"Unfortunately, in some instances foreclosure, although a last resort effort, is a necessary step. We routinely review our procedures and we have confirmed that we have strong processes and controls in place to ensure that our affidavits are accurate and that no one is wrongfully foreclosed upon."
He added the company will review its process and comply with any information requests from regulatory or governmental bodies, but it is opposed to a blanket moratorium on foreclosures.
The company reported net charge-offs of $132 million in residential mortgage loans, $79 million in home equity and second mortgage loans and $207 million in commercial real estate loans during the quarter.
