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Cendant Production Jumps

4th quarter volume $19.2 billion

February 11, 2003

By MortgageDaily.com staff

Cendant Corporation's fourth quarter mortgage loan production beat both its third quarter and previous-year figures, the company announced.

The New York City-based company reported almost $19.2 billion in production for the fourth quarter, which includes loans closed to be securitized and other production loans closed. This represents a more than one-fourth jump from the third quarter's production and nearly double the production during the fourth quarter 2001.

Cendant derives mortgage volume from the real estate franchises it owns, including Century 21 and Coldwell Banker.

Its servicing loan portfolio reached $112.3 billion by fourth quarter's end, a $4 billion growth from the previous quarter.

CEO Henry R. Silverman said a lot of Cendant's free-cash flow was used to strengthen the balance sheet. He also said the company retired $240 million in long-term debt during fourth quarter.

Cendant acquired certain assets of Budget Group, Inc., for a total of about $600 million during the quarter as well. Budget, a car and truck rental company, filed chapter 11 bankruptcy in July. Cendant's acquisition of Budget did not require it take on the rental company's debt, however.

Shares of Cendant last traded at $11.44, according to CBSMarketwatch.com.

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