Accredited Home Lenders Holding Co., a nonprime nationwide mortgage lender, has reported net income of $130.8 million for 2004, an increase of 30.8% over $100 million in 2003.Total revenue for the year increased 51.8%, to $660.7 million from $435.2 million the prior year. Net income for the fourth quarter totaled $38.1 million ($1.76 per share), an increase of 27.1% from $30 million for the same period in 2003. Chairman and chief executive officer James Konrath said the company experienced "outstanding portfolio results as measured by 30-plus-day delinquency and annualized loss results." Mortgage origination volume totaled $12.4 billion in 2004, compared with $8 billion in 2003, an increase of 56.1%. Origination volume for the fourth quarter equaled $3.5 billion, surpassing the company's previous record of $3.4 billion in the second quarter of 2004, the company said. Portfolio income totaled $166 million in 2004, compared with $82.3 million in 2003, an increase of 101.7%.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11