Golden West Financial Corp., Oakland, Calif., has reported net earnings of $282.9 million (a record $1.83 per share) for the third quarter, up from $244.5 million ($1.56 per share) a year earlier.Mortgage loan originations -- chiefly adjustable-rate mortgages -- totaled a record $10.1 billion, up 50% from $6.7 billion in the third quarter of 2002. Herbert Sandler, Golden West's chairman and chief executive officer, noted that interest rates on ARMs are not as volatile as those on fixed-rate mortgages, and he said rates at Golden West were "low and stable" in the third quarter, spurring loan volume to all-time highs. The record volume "exceeded by far the payoffs and sales of our mortgages," he said. "The net result was a significant increase in the size of our mortgage portfolio." The company said the ARMs in its portfolio increased $3.5 billion (a 21% annualized rate) in the third quarter. Golden West, the parent of World Savings Bank, can be found on the Web at http://www.gdw.com.
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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.
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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.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24