American Business Financial Services, Philadelphia, has reported a loss of $33.2 million ($10.53 per share) for the fiscal third quarter ended March 31, compared with net income of $221,000 ($0.06 per share) a year earlier.Albert W. Mandia, executive vice president and chief financial officer of ABFS, attributed the quarterly loss to adjustments stemming from the adoption of a new business model focused more on whole loan sales and less on securitization. "Since January 2004, we have added approximately 129 professionals to our broker origination channel, bringing the total broker loan origination network to a team of 150 professionals nationwide," Mr. Mandia said. "These efforts are generating traction, and we are on pace to originate close to $500 million of new loans during our fourth quarter ending June 30, 2004, which would be a company record."
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16