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

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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.

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.

Cendant Mortgage Volume Rises 32%

Production loan closings $5.8 billion during fourth quarter

February 12, 2001


In its report of fourth quarter results, Cendant Corporation (NYSE: CD) announced last week that production loan closings from its mortgage segment were $5.835 billion for the period. This was thirty two percent higher than the same period last year, when production loan closings were $4.419 billion.

Mortgage revenues for the New York City company were $117.0 million during the quarter, up 41 percent from 1999. Earnings before non-operating interest, income taxes, depreciation, amortization and minority interest for the mortgage segment were $63 million, up 117% from the same quarter the prior year's $29 million.

In its announcement, the company said that Revenues from mortgage loans closed increased $25 million during the quarter resulting from strong mortgage origination growth and favorable production margins. Refinances were up seventy two percent, compared to purchases, which were up 28%. For the year, mortgage revenues were $423 million, up seven percent from 1999's $397 million.

The company also reported that loan servicing revenues increased primarily due to a $19 billion (38%) increase in the average servicing portfolio. It's average servicing loan portfolio for the quarter was $69.1 billion, compared to the same period in 1999, when it was $49.9 billion.

According to the press release, Cendant Mortgage ranked as the fourth largest retail mortgage lender by the National Mortgage News for third quarter 2000, the latest period for which data are available.

Cendant announced that during fourth quarter 2000 it entered into an expanded agreement with Merrill Lynch, under which Merrill Lynch will outsource its mortgage origination and servicing operations to Cendant beginning in January 2001. Merrill Lynch closed approximately $5 billion in retail purchase mortgages for the year ended December 31, 2000. Assuming Merrill Lynch's loan volume were part of Cendant's operating results for the full year 2000, the company believes it would have ranked as the second largest retail mortgage lender.

Referring to the company's overall reported performance, Chairman and CEO
Henry R. Silverman said "Strong performance in our mortgage and relocation business units, an improved interest rate environment and cost containment contributed to the improvement of our fourth quarter results over prior projections."

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

email: [email protected]

hosted by USANow.net

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