MUFG Union Bank of California, which relies heavily on jumbos, saw loan production fall on a sequential basis by just 4.4 percent, the best showing among the top 50, Inside Mortgage Finance found.
In general, 2016 was a banner year for loan production with some publicly traded nonbanks turning in their best results ever – and thus rewarding their top executives handsomely. According to an analysis of available proxy statements by Inside Mortgage Finance, Penny Mac Financial Servicers founder and Executive Chairman Stanford Kurland was the industry’s top earner at $9.12 million in 2016. His firm – the nation’s number-four ranked originator – had a good year: net income of $336 million, a 26.0 percent improvement from the year before. Back in 2015, Kurland took...[Includes one data table]
With 2017 shaping up to be a so-so year for originations, the list of potential buyers of other companies is beginning to grow. Usually, firms that are in the hunt to purchase other shops tend to keep it quiet. Over the past few months, however, several companies have admitted that they’re open to pulling out the checkbook. Included in that camp, at least for right now, are Flagstar Bancorp, Freedom Mortgage, and Impac Mortgage Holdings. Others that are said to be open to deals ...