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Strong Originations at NovaStar

$2.4 billion 2nd quarter production

July 29, 2005

By MortgageDaily.com staff

With wholesale production accounting for most of its business, NovaStar Financial Inc. reported quarterly volume jumped to the second highest level ever.

The nonprime lender announced today it originated $2.4 billion in during the second quarter -- 21% above the previous quarter and up 19% from the same period a year earlier.

The latest production is the second-highest in NovaStar's history, the company said, just below the milestone reportedly achieved in last year's third quarter.

"We delivered the increased lending volume in the midst of a tough competitive environment, while reducing costs of origination," said NovaStar President and Chief Operating Officer Lance Anderson in the announcement.

About 78% of the latest fundings reportedly came from independent mortgage brokers, 17% through retail offices and the rest from correspondent lenders.

Second quarter originations had a weighted-average coupon of 7.62% with a weighted-average FICO credit score of 632 and an average loan-to-value ratio of 82.3%, the Kansas City, Mo.-based lender reported.

The real estate investment trust said its servicing portfolio was $13.6 billion at June 30, 2005, about 5% higher than the balance reported for the first quarter.

Net income for the latest three-month period was reported at $37.9 million.

"NovaStar continues to produce solid results in a challenging environment, even as rising short-term rates and flat mortgage coupons are squeezing the industry's margins," commented company CEO Scott Hartman in the written statement.

Nonprime and Subprime News | Subprime Statistics
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Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

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