Centex Home Equity Company reported the second quarter production figures of its fiscal year, announcing increases in several areas.
Centex Home Equity, the subprime lending arm of Centex Corporation, reported loan volume of $600 million for the quarter ended September 30, 2002. The quarter was a nine percent improvement over the same period in 2001.
The servicing portfolio at Centex Home Equity reached 67,400 for $4.79 billion, up from 56,660 loans for $3.88 billion at the quarter ended September 30, 2001.
The Dallas-based company saw a 98% increase in operating earnings from one year to the next: $11.7 million during second quarter 2002, compared with $5.9 million in 2001.
Loan volume during the second quarter at sister organization CTX Mortgage Company increased 17% to $3.3 billion, compared with $2.86 billion during last year's second quarter. However, its six-month loan volume total was $5.82 billion, a 4% decrease from last year's $6.08 billion.