Delta Financial Corp., Woodbury, N.Y., has reported a net loss of $1.8 million ($0.09 per share) for the third quarter, compared with net income of $41.6 million ($2.24 per share) a year earlier.While third-quarter 2003 earnings were positively affected by an income tax benefit of $30.5 million, the earnings for the third quarter of 2004 were negatively affected by a switch in Delta's securitization structure from gain-on-sale accounting to portfolio accounting. The company originated a record $682.0 million of subprime mortgages during the third quarter, up 30% from $524.8 million a year earlier. The cost to originate as a percentage of loan production fell from 3.1% to 2.7% during that time frame. Company executives said Delta should return to profitability by the first quarter of 2005. Delta can be found online at http://www.deltafinancial.com.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10