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Walter Originations, Earnings & Delinquency Better

Mortgage News

Originations were up and delinquency was down at Walter Investment Management Corp. The mortgage servicing portfolio, however, was diminished.

Funding loan volume was $5.821 billion during the three months ended Sept. 30, third-quarter earnings data indicate.

Business jumped from $4.651 billion originated in the second quarter.

Production slipped, however, from the same quarter last year, when $6.511 billion in closings were generated.

For the first nine months of 2014, originations amounted to $14.233 billion.

Third-quarter 2014 originations included $5.6 billion in residential loans and $0.2 billion in reverse mortgages.

By non-reverse origination channel, $3.0 billion came from correspondent acquisitions and none was from wholesale. Another $2.5 billion was retention and less than $0.1 billion was retail or consumer direct.

Locked volume was reduced to $5.0 billion as of the most-recent period from $5.6 billion as of the second quarter — pointing towards a slowing fourth quarter.

Walter serviced 1,636,068 loans for $183.7 billion.

The servicing portfolio was down from 1,676,722 loans for $188.4 billion three months earlier and 1.9 million loans for $204.9 billion a year earlier.

Capitalized servicing rights accounted for $171.5 billion in servicing portfolio loans, while $12.2 billion were on the balance sheet.

The 30-day delinquency rate on the total portfolio was 9.57 percent, improving from 9.92 percent as of the end of the previous period.

Prior to income taxes, income was $13 million, swinging from a $52 million second-quarter loss. Earnings plunged, however, from a $121 million profit a year earlier.

Headcount finished September at more than 6,600 employees, the same as reported for the end of June. There were, however, 200 more employees than as of Sept. 30, 2013.

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