SunTrust 2012 Annual Report Download - page 52
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36
Mortgage Banking reported a net loss in 2012, primarily due to the increase in the mortgage repurchase reserve, the impacts from
the mortgage NPL and government-guaranteed loan sales, and other legacy-related costs; however, core trends continued to
markedly improve. Mortgage production volume was 39% higher compared to 2011. This increase in volume, combined with
margin expansion, led to improved mortgage origination income, which was $573 million higher during 2012, more than a 115%
increase from 2011. The increase in mortgage origination income, in turn, drove a 42% increase in total revenue during 2012. It
is reasonable to assume some volume and margin compression going forward as we expect gain on sale margins to compress and
refinance activity to abate over the course of 2013. While the elevated levels of refinance activity have been beneficial during
2012, we are also continuing to devote resources to purchase activity, which was 29% of 2012 production, as we think it will again
be the primary driver of mortgage revenue when refinance volume moderates. Additionally, we are also focused on building out
delivery channels and driving volume with better channel selection to maximize our longer-term return profile for the Mortgage
Banking segment.
Additional information related to performance of our segments during 2012 can be found in Note 20, "Business Segment Reporting,"
to the Consolidated Financial Statements in this Form 10-K, and further discussion of segment results for the years ended December
31, 2012, 2011, and 2010, can be found in the "Business Segment Results" section of this MD&A.