Publicly traded nonbank mortgage companies had widely varying results on their mortgage-banking operations during the second quarter as heavy losses reported by two firms pulled the group’s earnings underwater. Nine nonbanks reported a combined net loss of $339.5 million on mortgage-banking activity for the second quarter. That was actually an improvement over the $510.0 million the group lost in the first three months of the year. Nationstar ... [Includes one data chart]
While holders of mortgage servicing rights have taken large writedowns in recent quarters due to declines in interest rates, New Residential Investment has managed to report relatively large profits. New Residential had $68.65 million in net income attributable to common stockholders in the second quarter of 2016, down from $111.74 million the previous quarter and $75.12 million in the second quarter of 2015. New Residential held $1.36 billion in excess MSRs ...
Mortgage delinquencies declined in the second quarter of 2016 compared with the previous quarter, according to the Mortgage Bankers Association. Industry analysts suggest that ongoing improvements to mortgage performance are driven by economic trends along with home price appreciation. According to the MBA, the serious delinquency rate, not adjusted for seasonal factors, declined on a quarterly basis for prime loans, subprime loans, FHA loans ... [Includes one data chart]
Initially, loanDepot planned to register 35 million shares of common at a target price of $16 to $18 a unit, which gave it a maximum valuation of $630 million.
Compared to the second quarter of last year, revenues at Walter declined an ugly 54.6 percent to $187.5 million. In other words, Renzi has a lot to turn around…
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