The chief operating officer of E-Loan resigned on Thursday, a day in which the company revealed that fourth-quarter earnings plunged 95% and its stock skidded by as much as 20%.E-Loan, based in Pleasanton, Calif., said it accepted the resignation of president and chief operating officer Joe Kennedy "effective immediately," noting that it has already hired a replacement for the COO position. In the fourth quarter, E-Loan posted net earnings of just $200,000, compared with $5 million a year earlier. For the year E-Loan earned $22.6 million, an increase of 113% from its earnings in 2002. At MortgageWire's deadline, E-Loan could not be reached for comment concerning Mr. Kennedy's resignation. In a statement, company chief executive officer Chris Larsen said: "Although we delivered record annual results for the full year 2003, the fourth quarter of 2003 was a challenging transition for us. The difficult conditions the industry experienced in the fourth quarter -- the rapid decline in refinance demand coupled with industry overcapacity leading to intense price competition -- were more severe than we anticipated."
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24