IndyMac Bancorp Inc., Pasadena, Calif., has reported record mortgage loan volume and net earnings of $86 million ($1.19 per share) for the third quarter, compared with $78 million ($1.16 per share) a year earlier.IndyMac's mortgage loan production totaled a record $24 billion in the third quarter, up 41% from that of a year earlier, the company said. "While mortgage industry volumes continued to decline, our mortgage production hit a record level for the 11th consecutive quarter, growing 19% over the prior quarter," said Richard H. Wohl, IndyMac Bank's president. "As a result, our market share nearly doubled over last year to an estimated 3.87%, an all-time high for IndyMac, demonstrating strong progress in our core strategy of leveraging our mortgage banking infrastructure." The company said its mortgage servicing portfolio had reached $124 billion, representing 180% growth over the past two years. IndyMac can be found online at http://www.indymacbank.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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