Home >> Tag Archives: Lenders & Servicers (page 29)

Tag Archives: Lenders & Servicers

Independent Firms See Profits Plunge as Costs Soar

The Mortgage Bankers Association (MBA) released Wednesday its Quarterly Mortgage Bankers Performance Report, which measures stats at independent mortgage banks and mortgage subsidiaries of chartered banks. According to MBA's figures, average production volume per company was $391 million in Q3, down nearly $48 million from the prior quarter. By count, companies averaged 1,788 loans, down from 1,921 in Q2. In terms of profits, independent mortgage banks earned an estimated $743 on each loan originated in Q3, down from $1,528.

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MCS Appoints Chief Technology Officer

New

Mortgage Contracting Services (MCS), a nationwide provider of property preservation, inspections, and property maintenance to the financial services industry, named Robert Colbeck as chief technology officer.

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Servicing Gains Offset Production Declines in Q3

Mortgage loan production suffered among independent mortgage bankers throughout the third quarter--but servicing revenues are helping to ease the pain for those with portfolios, Richey May revealed in its latest quarterly report. Overall, net income declined 60 basis points from the second quarter, though a 0.07 percent increase in the average value of servicing portfolios helped offset losses at those with servicing interests, Richey May reported.

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Spending Stalls for Home Construction in October

The Census Bureau released on Monday its construction spending numbers for both September and October, catching up on releases delayed by the partial government shutdown. In September, total construction spending was at a seasonally adjusted annual rate of $901.2 billion, down from August's $903.8 billion. Spending for total residential construction, however, perked up, rising to an annual rate of $334.5 billion. Spending on homebuilding in October was down from the previous month, falling to an estimated rate of $332.9 billion.

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