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.
Many of these 50 winners are leading their companies from the C-Suite, deciding overall strategy for their organizations and staking out new territory. Others are contributing through innovation, product development, process enhancements and big data analysis.
Until recently, the few dozen tiny communities across the country were run largely by proponents of tiny living who had banded together or as affordable housing for the homeless. But that all started to change in 2014, when creating tiny house communities started gaining momentum among some traditional builders who want to have a stake in the new trend.
The importance of communication with the consumer cannot be overstated. In addition to the required disclosures, the lender should ensure that guidelines include informing consumers that their payment will increase upon full assessment and that an escrow overage may be sent to them if the reassessment does not occur by the time they receive their first escrow analysis.