Irwin Financial Corp., Columbus, Ind., has reported a net loss of $4.2 million ($0.14 per share) for the third quarter, including a loss of $13.4 million from Irwin's conforming mortgage operations, which have been discontinued.A year earlier, Irwin reported net income of $18.5 million. The company noted that it had sold "substantially all" its conforming, conventional mortgage operations in the third quarter, including a majority of the associated mortgage loans and mortgage servicing rights. "Earlier this year, we announced a strategic decision to focus our attention on the growth of our small-business and nonconforming consumer mortgage business and, therefore, determined that we would sell our mortgage origination and servicing platforms," said Irwin chairman Will Miller. "With New Century purchasing our servicing operations and offering employment to the majority of our servicing staff, we now have substantially met our exit goals." The company can be found online at http://www.irwinfinancial.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11