BNC Mortgage Inc., Irvine, Calif., has reported earnings of $2.2 million ($0.36 per share) for its fiscal fourth quarter ended June 30, down from $2.5 million ($0.60 per share) a year ago.The company originated a record $252.3 million in mortgage loans during the quarter. "More than 80% of originations were in our three highest credit grades and our weighted average loan-to-value [ratio] continues to be low, with a 75.96% rate for the quarter," said BNC president Kelly W. Monahan. "Further, we have been successful in increasing our prepayment penalty periods and seek to continue to sell our loan production on a forward basis to lock in cash gain on sale of mortgage loans."
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