In the second quarter of fiscal 2013, a total of $1.01 billion of loans were originated and purchased for sale, 60 percent higher than the $628.9 million for the same period last year, and 17 percent higher than the $860.5 million during the first quarter of fiscal 2013 (sequential quarter). The loan origination volume remains favorable from a historical perspective as a result of continued liquidity in the secondary mortgage markets particularly in FHA/VA, Fannie Mae and Freddie Mac loan products and very low mortgage interest rates. Total loans sold during the quarter ended December 31, 2012 were $1.01 billion, 50 percent higher than the $674.3 million sold during the same quarter last year, and 29 percent higher than the $787.9 million sold during the first quarter of fiscal 2013 (sequential quarter). Total loan originations (including loans originated and purchased for investment and loans originated and purchased for sale) were $1.04 billion in the second quarter of fiscal 2013, an increase of 59 percent from $649.3 million in the same quarter of fiscal 2012, and 18 percent higher than the $879.2 million in the first quarter of fiscal 2013 (sequential quarter).

The sale and operations of real estate owned acquired in the settlement of loans resulted in a net gain of $595,000 in the second quarter of fiscal 2013, compared to a net gain of $77,000 in the comparable period last year. Eleven real estate owned properties were sold in the quarter ended December 31, 2012 compared to 40 real estate owned properties sold in the same quarter last year. Five real estate owned properties were acquired in the settlement of loans during the second quarter of fiscal 2013, compared to 20 real estate owned properties acquired in the settlement of loans in the comparable period last year. As of December 31, 2012, the real estate owned balance was $2.4 million (12 properties), compared to $7.8 million (32 properties) at December 31, 2011 and $5.5 million (24 properties) at June 30, 2012.

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