twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

ResCap Earnings, Originations Improve

$13.2 billion Q2 production

Aug. 2, 2010

By staff

A quarterly decline in conforming business at Residential Capital LLC was more than offset by gains in government and jumbo lending. Warehouse assets increased around $600 million. The mortgage unit saw two consecutive profitable quarters -- a dramatic improvement from billions of dollars in losses each of the past three years. A settlement with Freddie Mac impacted year-over-year variances in repurchase expense.

Domestic home-loan production was $13.2 billion, Ally Financial Inc. reported today in its second-quarter earnings results. Originations nudged up from the first quarter's $13.0 billion but fell from $18.5 billion a year ago.

Second-quarter volume included $9.1 billion in prime conforming business, slipping from $9.5 billion three months earlier. But the drop in conforming business was more than offset by an increase to $0.5 billion in prime non-conforming loans from $0.4 billion and a jump in government lending to $3.6 billion from $3.1 billion.

The primary mortgage servicing portfolio closed out the second quarter at $349.1 billion. The portfolio was $349.0 billion at the end of the first quarter and $353.9 billion a year prior.

Prime-jumbo assets rose to $1.7 billion from $1.2 billion on March 31, while legacy mortgage holdings fell to $8.2 billion from $8.5 billion.

Warehouse line assets climbed to $1.8 billion from $1.2 billion at the end of the first quarter.

The typical Ally mortgage borrower had a weighted-average loan-to-value and combined LTV of 94 percent, improving from 106 percent back in September 2009. The weighted-average, refreshed FICO has risen to 725 from 705 during the same period.

Mortgage delinquency of at least 30 days finished June at 4.4 percent, the same as on March 31.

ResCap, which has been rumored this year to be up for sale, had been a potential candidate for bankruptcy early last year when GMAC LLC warned in its annual report about the implications of a possible ResCap bankruptcy. ResCap had $5.6 billion in losses during 2008 and $4.3 billion in losses during 2007. Losses last year at the mortgage unit soared to nearly $8 billion.

But mortgage operations earned a $230 million profit before taxes in the latest quarter, better than the $156 million first-quarter profit. Income from real estate finance saw a dramatic improvement from the $1.335 billion loss in the second-quarter 2009.

"ResCap LLC was profitable and required no additional capital or liquidity support in 2Q," Ally stated. "ResCap LLC met its covenants with tangible net worth of $793 million at the end of the second quarter."

Repurchase reserve expense jumped from $49 million in the first quarter to $97 million, "largely in line with expectations." The expense during the second-quarter 2009 was $237 million. At the same time, the repurchase reserve balance fell to $855 million from the prior period's $890 million but was up from $463 million on June 30, 2009.

"Loan loss provision and repurchase reserve expenses were significantly lower from the corresponding period a year ago due to the strategic actions taken in the fourth quarter of 2009 and the settlement reached with the Federal Home Loan Mortgage Corp. for representation and warranty claims in the first quarter of 2010."

Ally Financial core pre-tax income was $738 million, improving from $578 million in the first quarter and swinging from a $1.308 billion second-quarter 2009 loss.

The U.S. Treasury held 56.3 percent of Ally's common ownership as of the end of June.

Ally profile

next story

back to current headlines

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

Repurchase News
Stories about repurchase demands and how to manage them.
Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders