Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

First Horizon National Corp. said it expects a $1 billion reduction in its mortgage originations in the third quarter, which will help drive earnings down $35 million compared to last quarter. The Memphis-based lender said that in addition to reduced production, earnings are down because of lower gains on sale margins and increased costs to hedge the risk of servicing its loans. Margins, which were 122 basis points in the second quarter, are expected to range between 85 and 90 basis points this quarter. Hedging costs are up $5 million over the last quarter. First Horizon, which ranks among the top 25 mortgage originators and top 15 servicers, also conducts retail and commercial banking and underwrites government securities. "Although we currently expect some modest improvement in mortg...