$7 billion in 1st quarter production
By MortgageDaily.com staff
4/22/2004

The company formerly known as First Tennessee reported an increase in fundings.

First Horizon's mortgage loan originations during the first quarter totaled $7.0 billion, up from the previous quarter's $6.4 billion, parent company First Horizon National Corp. reported. Volume a year ago was reported at $11.5 billion.

Refinances represented 58% of total originations during the first quarter, according to the announcement, leaving purchase originations at $3.0 billion.

The mortgage-servicing portfolio had a balance of $70.3 billion at the quarter's end, up 21% from the prior year, the company said.

After shareholder approval at the annual meeting Tuesday, the parent company -- which announced record earnings of $119.3 million -- said it changed its name from First Tennessee "to better reflect the corporation's growing national presence."

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