Thrift Originations Plunge

Thrift originations of one- to four-family loans plunged 37% in the fourth quarter to $143.9 billion, down from a record $230.0 billion in the third quarter, according to the Office of Thrift Supervision.In 2003, the 928 OTS-regulated institutions originated a record $806 billion in mortgage loans, surpassing the 2002 record by 50%. Thrifts also posted record earnings of $13.7 billion in 2003, up 16% from 2002. Fourth-quarter earnings totaled $3.45 billion -- the second-best quarter in history -- as servicing fee income rebounded to $800.1 million from $140.5 million in the third quarter. For the whole year, servicing fee income was a negative $713.04 million due to runoff and impairment charges.