Mortgage Lenders Fund Record Loans - Production news from MortgageDaily.com
DALLAS, August 7 /PRNewswire/ Several major mortgage bankers originated a record volume of loans, according to second quarter financial data analyzed by MortgageDaily.com, the dominant source of online news for the mortgage industry.
NovaStar Financial Inc. closed $2.8 billion in mortgages during the second quarter -- $1.0 billion more than first quarter. The Kansas City, Mo.-based lender said the latest numbers represented an all-time record. Most of the real estate investment trust's business was delivered by mortgage brokers.
Melville, N.Y.-based American Home Mortgage Investment Corp. also saw all-time high production during the second quarter, with $14.9 billion in fundings. "Our production business experienced record originations, record market share, a strong gain-on-sale margin and improved warehouse income," said CEO Michael Strauss in the earnings statement.
Record production of $15 billion during the latest quarter was up by nearly one-third at SunTrust Banks Inc., a company spokesman told MortgageDaily.com. As a result of production, among other things, the Atlanta-based banking concern announced an increase in mortgage net income.
Alt-A lender IndyMac Bancorp Inc. originated $20.1 billion in the most-recent period -- the most ever for the Pasadena, Calif.-based company. And the third quarter looks promising based on the "record high" June 30 pipeline of $12.6 billion. "We are redoubling our efforts to profitably gain market share," said President Richard Wohl in an announcement. "Our ability to achieve record results despite these adverse trends again demonstrates the strength of our hybrid thrift/mortgage banking business model."
The record activity for these lenders contrasts the activity for many other lenders that peaked in 2003.
And while the latest quarter was generally strong for most mortgage bankers, at least two players still saw a decline from the prior period.
Among those was Washington Mutual Inc., which funded $51.5 billion -- edging down from the first quarter.
Newport Beach, Calif.-based Downey Financial Corp. also reported a decline -- down 26% to $2.1 billion. Downey's CEO blamed the decline on an increase in the minimum payments and initial interest rates on option adjustable rate-mortgages.
Read complete mortgage production news at http://www.MortgageDaily.com/Fundings.asp?spcode=pr
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
3811 Turtle Creek Blvd.
Dallas, TX 75219