Irwin Reports Mortgage-Linked Loss

Irwin Financial Corp., Columbus, Ind., has reported a mortgage-related net loss of $1.1 million ($0.04 per share) for the first quarter, compared with net income of $17.9 million ($0.60 per share) a year earlier.The mortgage banking segment recorded a $9.2 million loss in the second quarter, compared with net income of $5.5 million in the second quarter of 2004, the company reported. "The critical issues in our mortgage banking line of business are the low origination margins and the effectiveness of our management of the servicing asset," said Will Miller, Irwin Financial's chairman. "We are actively addressing both. On the production side, we have introduced a number of new, higher-margin products which have been well received both by our customers and by the secondary markets to whom we sell the loans. On the servicing asset management side, we have reduced our mark-to-market exposure through servicing sales." The company can be found online at http://www.irwinfinancial.com.