Fannie Mae's book of business shrank at a compound annualized rate of 1.5 percent in March, closing the quarter with a negative average monthly rate of 1.7 percent. The book totaled $3.177 trillion as of the end of the first quarter. New business acquisitions totaled $71.4 billion, meanwhile, down from $80.2 billion the previous month and $95.3 billion the year before. The last time new business was this low was in June 2012, when acquisitions totaled $70.6 billion.
Read More »Freddie Mac Sees March Business Grow
Freddie Mac's total mortgage portfolio grew in March for the first time this year, according to the GSE's monthly volume summary.
Read More »BofA Reports Increase in Profits, Drop in Mortgage Banking Income
Bank of America's first quarter net income nearly quadrupled over that of last year, according to the bank's quarterly filings. BofA reported Wednesday net income of $2.6 billion for the first quarter of 2013, up from $653 million the same quarter last year. Revenue was $23.7 billion, up from $22.5 billion a year ago. On the residential lending front, the company reported lower mortgage banking income, largely as a result of lower servicing income.
Read More »Commentary: Defining Compromise
In the budget he unveiled this week, President Obama, as he has in so many policy initiatives, attempted to reshape the political lexicon.
Read More »Wells Fargo, JPMorgan Chase Post Record Quarterly Profits
Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks. Wells Fargo reported record net income of $5.2 billion for Q1 2013, up from $5.1 billion quarter-over-quarter and from $4.2 billion year-over-year. JPMorgan also posted strong performance across its businesses, recording a net income of $6.5 billion (compared with $4.9 billion in the first quarter of 2012).
Read More »Per-Loan Profits Fall in Q4 as Costs Rise
Rising costs took a toll on per-loan profits in the fourth quarter of 2012, according to data from the Mortgage Bankers Association (MBA). Independent mortgage banks and mortgage subsidiaries of chartered banks earned an average profit of $2,256 on each loan originated in Q4, down quarter-over-quarter from $2,465, MBA reported. The decline in profits came despite a rise in production volume. According to MBA, average production volume was $488 million per company in the Q4, up from $450 million in the prior quarter.
Read More »Fannie Mae Posts Largest Net Income in Company History
Fannie Mae's Q4 earnings report shows the mortgage behemoth earned a quarterly net income of $7.6 billion in Q4 and an annual net income of $17.2 billion throughout 2012.
Read More »Business Continues to Slip at Freddie Mac
Freddie Mac's total mortgage portfolio continued to shrink in February, contracting at an annualized rate of 4.1 percent.
Read More »Fitch: Home Improvement Sales Underscore Recovery
Increased profits at home improvement outlets underscore Fitch Ratings' view that the housing recovery is in its early stages.
Read More »Fannie Mae Sees Pickup in New Business
Fannie Mae's total Book of Business shrank 1.8 percent in January, falling to $3.186 trillion from December's $3.190 trillion.
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