Most Mortgage Stocks Close Higher After Early Earnings Reports

The majority of the industry stocks tracked by National Mortgage News closed higher on Tuesday even with the lukewarm mortgage-related 4Q13 results reported by JPMorgan Chase and Wells Fargo.

There were 11 Mortgage Industry Equity Composite members which were gainers on the day, led by Radian Group, up 2.7%. Bank of America, a competitor of Chase and Wells, was up over 2%, while MGIC Investment Corp. was up nearly 2%.

The Dow Jones Industrial Average gained 116 points.

Ellie Mae had the largest drop among the six MIEC stocks which closed lower than they did on Monday, losing nearly 4%. Redwood Trust saw a drop of over 2% in its stock price.

SWS Group continues its climb in the wake of the unsolicited bid from Hilltop Holdings. It closed today at $7.63 per share; Hilltop had bid $7 for the 76% of shares it does not control.

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