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$8.5 Billion 1st Quarter Production At Cendant

Servicing portfolio nearing $100 billion

April 18, 2002

By MortgageDaily.com staff

Mortgage production reached $8.5 billion during the first quarter at Cendant Corporation -- up 45% from the first quarter of 2001 -- according to an announcement of first quarter results. Cendant Mortgage, which says it is one of the leading retail originators and inbound telemarketers of mortgages in the U.S., originates, sells and services residential mortgage loans.

Cendant said that revenues at its Real Estate Services segment -- which includes the mortgage unit -- were $410 million, up 21% from last year. In addition to Cendant Mortgage, real estate franchises Century 21, Coldwell Banker and ERA are among the companies in the Real Estate Services segment.

Cendant also reported that its average servicing portfolio reached $99.1 billion, 22% higher than the same time last year. Net servicing revenue, which includes gross recurring service fees, non-cash amortization of mortgage servicing rights and interest expense was ($35.0) million, compared to $31.4 million the same quarter last year. Cendant said non-cash amortization of mortgage servicing rights was accelerated and interest expense was increased due to a higher volume of refinancing activity.

Overall EBITDA at Cendant Corporation during the quarter was $697 million, a 57% improvement over the first quarter of last year. The company also said it raised its full year 2002 projections.
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