Delta Financial Corp., Woodbury, N.Y., has reported a loss of $1.8 million ($0.11 per share) for the second quarter, compared with net income of $11.7 million ($0.58 per share) a year earlier.The company said the loss was due to a shift from gain-on-sale to portfolio accounting in the treatment of its securitizations. Hugh Miller, Delta's president and chief executive officer, noted that the company's loss narrowed from $0.35 per share in the first quarter to $0.11 per share in the second quarter. "We expect our quarterly loss to continue to narrow throughout the remainder of 2004, as we continue to build our loan portfolio, and ultimately report a profit by the first quarter of 2005." Loan production volume for the second quarter totaled $671.9 million, up 93% from that of the previous year.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28