A sharp decline in quarterly retail originations at SunTrust Banks Inc. drove overall home lending lower as mortgage earnings sank. But the size of the financial institution’s mortgage servicing portfolio has increased over the past year.
Atlanta-based SunTrust revealed in its third-quarter earnings report that it generated $849 million in income before the provision for income taxes.
Results improved from the same three-month period in 2017, when pre-tax earnings were $765 million. But the bank-holding company fell short of its prior-quarter income of $895 million.
Source: Mortgage Daily