PHH Improves From Q4
PHH Mortgage saw quarterly originations rise, earnings improve and delinquency drop compared to the prior period.
First-quarter loan production was 42,123 loans for $10.0 billion, according to earnings data reported by parent PHH Corp.
Fundings rose from 37,526 loans for $8.3 billion in the fourth quarter and 44,023 units for $9.4 billion a year earlier.
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Record Commercial Originations
Commercial mortgage originations hit another record last year. Activity was again dominated by loans for office properties.
Biggest U.S. Mortgage Lenders
First quarter mortgage originations tumbled from a year earlier but were better than the fourth quarter, according to an analysis of earnings data by MortgageDaily.com.
Mortgage Insurance Activity Better
The monthly volume of mortgage insurance policies increased as defaults continued to retreat from the recent record level.
ResCap Originations Rise
Residential Capital LLC's quarterly fundings improved. But maturing debt and ongoing losses are keeping its parent company busy managing debt and equity.
Mixed Results at Countrywide
Quarterly fundings improved at Countrywide Financial Corp., though delinquency and earnings worsened.
Weak Activity at Fannie
As the mortgages it manages climbed closer to $3 trillion, Fannie Mae saw mixed results on its secondary marketing purchases and deterioration in its delinquency. Fannie also saw its duration gap jump.
Freddie Performance Worse
Freddie Mac, which manages more than $2 trillion in mortgages, saw quarterly purchases fall and delinquency rise. The company's duration gap moved for the first time in more than three years.
Fatter Fundings at Flagstar
Flagstar Bancorp Inc.'s residential quarterly volume climbed, while earnings rose from the prior period but tumbled from the prior year.
Strength In Numbers
With more than $40 billion in mortgage originations last year, a national alliance of mortgage bankers has the clout of a top-10 lender.
