First Horizon National Corp. is seeing strong profits from its warehouse lending efforts. Loans to mortgage companies are the bank holding company’s most profitable lending business, according to officials at First Horizon. Warehouse lending is completed through the company’s banking subsidiary, First Tennessee. As of the end of the second quarter, First Tennessee had $3.0 billion in warehouse lending commitments, according to Inside Mortgage Finance. BJ Losch, an executive ...
The profit picture varied widely among the shrinking number of publicly-traded nonbank mortgage lenders during the third quarter. A new Inside Mortgage Trends analysis reveals that seven companies generated a total of $235.45 million from their mortgage banking businesses during the third quarter. That was up 14.8 percent from the previous period largely because New Residential Mortgage increased its profits and Impac cut its losses. An eighth nonbank ... [Includes one data chart]
The Federal Home Loan Bank System’s combined net income dropped 3.0 percent in the third quarter of 2018 but year-to-date profits were still a comfortable 10.4 percent above the same period last year. Advances were down 1.9 percent year-over-year, having dropped 3.9 percent for the quarter. The FHLBank Office of Finance reported that third-quarter net income was $942 million, down slightly from $971 million in the second quarter. But cumulative ... [Includes one data chart]
Redwood CEO Chris Abate: “Our game plan in the third quarter was a bit unconventional – we ran an up-tempo offense, squarely in the face of mortgage market headwinds.”
Fannie Mae and Freddie Mac generated a combined net income of $6.72 billion during the third quarter of 2018, down slightly from the $6.96 billion they generated in the previous period.
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