Thrift originations of single-family loans totaled $603.3 billion in 2004, down 17.3% from the record set in 2003, according to the Office of Thrift Supervision.The OTS reported that fourth-quarter originations increased by 7%, to $154.1 billion, from $143.9 billion in the third quarter. Adjustable-rate mortgages constituted 62% of fourth-quarter originations, up from 37% a year ago. Thrifts also posted record earnings of $14.0 billion in 2004, as the number of thrifts declined to 886, but assets grew by 20% to $1.3 trillion. The turnaround in mortgage servicing income helped to boost earnings, according to OTS figures. In 2003, thrifts took a $712.5 million hit due to refinancings and runoff. In 2004, the loss was only $62.7 million.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
6h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
10h ago -
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.
April 24 -
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.
April 24 -
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