Tag: finance

Company-wide and mortgage earnings improved at Citizens Financial Group Inc. Residential servicing and assets expanded, while originations had a quarter-over-quarter gain.

Prior to income tax expense, the Providence, Rhode Island-based bank-holding company earned $462 million in the three months ended June 30, its second-quarter results indicate.

Income exceeded the $361 million earned in the same-three months last year and also improved from $434 million in the first-quarter of this year.

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From:: Financing

Employment data released today reflects a robust job market — sending interest rates higher. Mortgage employers added 5,000 non-bank jobs.

The U.S. nonfarm labor force finished July at 146.615 million people, according to data released Friday by the Bureau of Labor Statistics.

U.S. employers boosted nonfarm payroll employment by 209,000 from June, slowing from an upwardly revised 231,000 jobs added a month earlier.

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From:: Financing

PennyMac Financial Services Inc. sees opportunity in mortgage brokers and is about to launch a broker business. Quarterly originations increased as earnings declined.

The Westlake Village, California-based mortgage banking organization revealed in its second-quarter earnings report that its pre-tax income totaled $58 million.

Income retreated from $62 million in the preceding three-month period. The decline was even larger versus the same three months in 2016, when pre-tax income was $84 million.

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From:: Financing

The number of consumers who resorted to bankruptcy fell for the second month in a row. But filings remained elevated versus a year ago.

Total U.S. bankruptcies filed, including commercial and non-commercial filings, worked out to 61,366 during July, dropping from an upwardly revised 66,789 the prior month.

Despite the month-over-month improvement, however, the number of new bankruptcy cases was slightly elevated from an upwardly revised 61,371 a year prior.

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From:: Financing

A staggering refinance share had home-lending activity retreating for a third consecutive quarter at Nationstar Mortgage Holdings Inc. A second-quarter loss was reported.

Income before income tax expense during the three months ended June 30 was a $29 million loss, the Dallas-based business disclosed in its second-quarter earnings report.

That was smaller than the $144 million loss suffered in the same period in 2016. But the latest quarter’s losses swung from a $3 million profit in the first-quarter 2017.

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From:: Financing

Updates to agency parameters for adjustable-rate mortgages were behind an improvement in home-lending credit conditions. It was the second month in a row of easing.

A standardized quantitative index solely focused on mortgage credit, the Mortgage Credit Availability Index, was calculated at 179.0 for July.

The index, which was benchmarked at 100 in March 2012, crept up 0.3 percent from the previous month. The increase is an indication that credit conditions were more relaxed.

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From:: Financing

The quarterly number of home-purchase loans financed by the Federal National Mortgage Association turned sharply higher. Refinance transactions, though, sank.

Before federal income taxes, Fannie Mae earned $4.8 billion during the the three months concluded on June 30, according to its second-quarter earnings report.

Income at the Washington-based firm was a little stronger than $4.2 billion earned in the preceding three months, and $4.3 billion earned during the same three months last year.

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From:: Financing

Walter Investment Management Corp. has reached a deal with its biggest banks that includes a restructuring — sending shares of its stock tumbling.

An announcement late Tuesday from the Fort Washington, Pennsylvania-based company indicated that it has entered into a restructuring support agreement.

The agreement is with senior lenders that held more than half of Walter Investment’s loans and commitments outstanding as of July 31.

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From:: Financing

Last month’s government-insured reverse mortgage production was the slowest it has been since last year. But there was a year-over-year improvement.

Home-equity conversion mortgages that were endorsed by the Federal Housing Administration added up to 4,254 during July.

That turned out to be the slowest month for government reverse mortgage production since November 2016, when FHA endorsed 3,891 HECMs.

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From:: Financing

New business surged from the preceding quarter at National MI. Earnings also improved, and the book of business continued to expand.

Income before income taxes at parent company NMI Holdings was $9 million during the second quarter, according to earnings data released Tuesday.

Income was greater than $7 million in the preceding three-month period. It was also improved from $2 million during the same three months last year.

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From:: Financing