Delta Financial Corp., Woodbury, N.Y., has announced that it expects to generate positive cash flow from its operations in the fourth quarter despite the market turmoil that has forced some subprime lenders to restructure.Delta said its "conservative approach" to home equity lending has enabled it to remain profitable "without a significant departure from its existing business plan or a significant restructuring of its business, while during the same period, many companies in the sector have laid off employees or drastically restructured their business operations primarily due to liquidity concerns." Delta said it maintains $750 million of committed warehouse lines, nearly double the amount of its $400 million securitization in the fourth quarter. Prepayment speeds slowed and were consistent with the company's assumptions, Delta said. The company cited its use of the more conservative "cash-out" method of accounting for retained interests in securitizations, which would be required of all companies under proposals issued by the Financial Accounting Standards Board and the Securities and Exchange Commission. Delta's website address is http://www.deltafinancial.com.
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
6h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27