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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.

FHA Fundings Drag GMAC Business Lower

$13.0 billion Q1 production

May 3, 2010

By staff

During the past year, government originations tumbled as conforming activity increased at GMAC Financial Services. Income from mortgage operations saw a dramatic improvement. The company has virtually eliminated mortgages held-for-investment, and a name change is planned for next week.

First-quarter home loan production was $13.0 billion, earnings data released today indicated. Business tumbled from $17.6 billion three months earlier and edged down from $13.2 billion one year earlier.

Conforming loans represented $9.5 billion of the latest activity, 11 percent lower than the prior period but 11 percent higher than the first-quarter 2009. Government fundings were $3.1 billion, down more than half from the fourth quarter and one-third worse than a year ago. Prime non-conforming closings accounted for another $0.4 billion, up from less than $0.1 billion in the first quarter of last year.

The U.S. servicing portfolio was $349.0 billion on March 31, edging down from $349.8 billion at the end of last year. The portfolio was $385.9 billion 12 months earlier.

After selling $373 million in U.S. and U.K. whole loan pools, held-for-investment mortgages ended March at just $17 million, compared to $461 million on March 31, 2009.

Net income before income taxes for the mortgage operations improved to $0.2 billion from a $4.0 billion fourth-quarter loss and a $1.0 billion first-quarter 2009 loss. The improvement was attributed to "
strategic actions taken by GMAC in the fourth quarter of 2009."

The company said it continues to reduce risk in the mortgage business as it identifies "a viable long-term strategy" for the unit.

Pre-tax income for all of GMAC was an $0.6 billion profit, also a huge improvement from the $4.2 billion loss three months earlier and the $0.5 billion loss one year earlier.

It was the first profitable quarter for New York-based GMAC since the last quarter of 2008.

The report indicated that GMAC Inc. will change its name to Ally Financial Inc. on May 10. The move is a "strategic decision to implement a brand for the long-term where the trademark is company-owned."

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