CoreLogic Predicts $1.55 Trillion in Originations in 2013
CoreLogic predicts the mortgage industry will originate between $1.45 trillion and $1.55 trillion this year, and delinquency volumes and foreclosure starts will contract by 10% when compared with 2012.
For 2012, the company said industry originations should be in the range of $1.7 trillion and $1.8 trillion, and delinquency volumes and foreclosure starts contracted 10% over 2011.
On the company level, its Project 30 cost reduction plan should result in cost savings of $60 million for 2012 and a projected $20 million for 2013.
At the end of the third quarter, year-to-date cost reductions due to Project 30 topped $51 million. Project 30 is the company’s initiative to reach adjusted earnings before interest, taxes, depreciation and amortization margin of 30% by the end of 2013.
For 2013, CoreLogic predicts revenue of around $1.6 billion, with adjusted earnings per share in the range of between $1.65 and $1.75.
It also said that fourth-quarter and full-year 2012 results should be higher than the top end of its previous guidance. CoreLogic will issue its results after the market closes on Feb. 21.