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Replies to post #88 on Hilltop Holdings Inc (HTH)
Enterprising Investor
05/01/15 5:08 PM
#90 RE: Enterprising Investor #88
Net gains from sale of loans, other mortgage production income and mortgage loan origination fees increased $43.7 million from the first quarter of 2014 to $135.1 million in the first quarter of 2015. The increase was primarily driven by a decline in mortgage interest rates during the last three quarters of 2014 that continued into 2015. Refinancing volume increased to $1.1 billion during the three months ended March 31, 2015 from $397.4 million during the three months ended March 31, 2014 (representing 40.0% and 21.3%, respectively, of total loan origination volume). Home purchases volume during the three months ended March 31, 2015 and 2014 was $1.7 billion and $1.5 billion, respectively, a 15.0% increase. Improvement in the mortgage origination segment was partially offset by changes in the fair value of the MSR asset and the related derivatives, which resulted in a loss of $5.0 million during the three months ended March 31, 2015.