Fresh out of bankruptcy, Ditech Holding Corp. reported a huge profit and a quarter-over-quarter increase in home lending. The servicing portfolio, however, was diminished.
Before income taxes, the Fort Washington, Pennsylvania-based company earned $467 million, according to its first-quarter earnings report released Wednesday.
Earnings included a whopping $521 profit at Walter Investment Management Corp. from Jan. 1 through Feb. 9 and a $54 million post-bankruptcy loss as Ditech from Feb. 10 to March 31.
Overall earnings soared past the $4 million earned
during the same three-month period a year ago and swung from a $218 million loss in the final-three months of last year.
Originations during the first-three months of this year came to $2.851 billion — including $2.762 billion in forward mortgages and $0.090 billion in reverse mortgages. Business accelerated form the $2.731 billion in production for the fourth-quarter 2017 but sank from $5.155 billion in the first-quarter 2017.
Retail originations accounted for $1.012 billion of the latest volume, while wholesale lending made up $0.280 billion, and correspondent acquisitions represented $1.470 billion.
Rate-lock volume during the first-quarter 2018 came to $1.48 billion — including $0.57 billion in retail locks, $0.16 billion in wholesale locks and $0.75 billion in correspondent locks.
Ditech serviced 939,856 forward and reverse mortgages with an aggregate unpaid principal balance of $110.720 billion as of March 31. The portfolio was reduced from 1,041,686 loans for $124.472 billion at the end of last year and 1,214,942 loans for $144.121 billion at the same point in 2017.
Another
795,380 forward loans for $111.248 billion were sub-serviced as of March 31 of this year.
There were 3,700 people on Ditech’s payroll as of March 31, 2018, down 100 employees from year-end 2017. Headcount was 4,500 as of March 31, 2017.
