Firstplus Financial Group reported net income of $49.6 million in its fourth fiscal quarter, a 271% increase from the same period last year.

In the three months ended Sept. 30, Firstplus reported, it increased its portfolio of high-loan-to-value mortgages to $4.7 billion, from $3.6 billion.

Loan production from wholesale originations increased to $858.4 million, from $763.1 million in the quarter ended June 30, and direct-to-consumer originations jumped to $309.9 million, from $230.4 million.

At the same time Firstplus increased the quality of its high-LTV loans, as measured by Fair, Isaac & Co., which gave them an average score of 684, up from 681 in the third quarter.

The company said it originated and acquired $20.9 million of B and C home equity loans, $127.5 million of conforming first-lien loans, and $38.7 million of consumer finance loans during the quarter.

Firstplus also completed its 13th securitization, an $800 million conventional high-LTV offering.

Also in the quarter, the company completed the acquisitions of Western Interstate Bancorp, Tustin, Calif.; Freedom Mortgage Corp., Salt Lake City; and Southern Management Corp., Greenville, S.C.

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