Originations at $32.9 billion
By MortgageDaily.com staff
1/31/2003

First Horizon reported an increase in loan origination volume, fueled by the record refi rage of 2002.

The Irving, Texas-based lender produced $32.9 billion in loans last year, a one-third increase from 2001. Loans securitized and sold into the secondary market reached $30.8 billion last year, a 42% increase from 2001.

Refinances represented 67% of total originations in 2002, compared with 61% the year before. As with the industry in general, First Horizon's refi increase was fueled by a year of low interest rates, it said.

First Horizon's parent is First Tennessee National Corporation and includes two branches: First Horizon Home Loans and First Horizon Equity Lending.

Shares of First Tennessee were up $0.84 at $36.98 during late Thursday trading, according to CBSMarketwatch.com.

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