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  • Chronos Solutions acquires UPF Services

    Chronos Solutions announced its latest business move, finalizing its acquisition of UPF Services. Matt Slonaker, executive vice president of sales and marketing for Chronos Solutions, first alluded to the acquisition in an interview with HousingWire back in July. Now only a few weeks later, Slonaker and Andrew Gladston, senior vice president of corporate development at Chronos Solutions, revisited with HousingWire to give the full details of the acquisition. Click the headline to read what this means for their mortgage business.

Invesco Mortgage Capital 3Q earnings $1.01 a share

Invesco Mortgage Capital's (IVR) third-quarter income rose more than fourfold, buoyed by higher interest income and increased average earnings assets due to the sale of 9 million common shares in May. The real estate investment trust earned $26.2 million, or $1.01 a share, for the three months ended Sept. 30, up from $6.2 million, or 70 cents a share, a year ago. For the second quarter, Invesco earned $22 million, or 91 cents a share. Interest income for the third quarter more than tripled to $27.2 million from $8.9 million a year earlier. Invesco's mortgage-backed securities portfolio climbed to $2.5 billion at Sept. 30, up $200 million from the end of the second quarter. "We believe asset selection is the key to our success and having the ability and expertise to invest across the mortgage market is a distinct competitive advantage,” Chief Executive Richard King said. The company, which was spun off of investment giant Invesco (IVZ) in June 2009, reaped proceeds of about $186.8 million from its stock offering earlier this year. In October, Invesco Mortgage Capital raised another $286.4 million through the sale of 12 million common shares. The company plans to acquire additional MBS and other home loans with proceeds of the most-recent offering. For the nine months ended Sept. 30, Invesco Mortgage Capital earned $59 million, or $2.52 a share. The company reported total assets of nearly $2.6 billion at Sept. 30, which is up from $853.4 million at the end of 2009. Write to Jason Philyaw.

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