As the fourth-quarter earnings start to pour in, the true extent of the TRID impact on each individual company is coming to light. For some banks, it was just a dent in the grand scheme of things, but that’s not the case for Flagstar.
JPMorgan Chase kicked off earnings season early Thursday morning, reporting a 10% increase in net income for the fourth quarter of 2015. Mortgage banking didn’t fair as well, with its net income falling 21% to $266 million.
Ambac Financial Group’s net income fell in the fourth quarter 2013 to $68.6 million, or $1.49 per share, from $143.6 million, or 47 cents per share, in 2012, as earnings were impacted by current market challenges.
Stonegate Mortgage not only overcame the challenging market conditions during the second half of 2013 but also posted a strong increase in originations and its servicing portfolio due to several strategic acquisitions.
First American Financial Corporation’s total revenue for the fourth quarter of 2013 hit $1.2 billion, a decline of 4% compared to a year prior as it deals with a drop-off in refinance activity and closed title orders falling to the lowest level of the year.
Ally Financial officially exited the mortgage business by the end of 2013 but not without incurring significant losses. Ally recorded a net income of $104 million for the fourth quarter of 2013, a giant drop down from a net income of $1.4 billion for the fourth quarter of 2012.
“The industry is satisfied with the status quo but it isn’t working and we desperately need to find ways to enable Americans to become homeowners," Pam Patenaude said. "We are the only group that can bring bipartisan efforts together that represent every segment of the housing industry.”
Nontraditional income earners are becoming increasingly mainstream, particularly among Millennials, who, compared to their parents and grandparents, move from job to job a lot more, are more likely to be independent contractors and may lack a solid credit profile.
Managing internal communications and preventing employees from destroying privilege, which can happen simply by including individuals outside the company on communications that are privileged, is one of the most critical aspects of litigation management.