Stonegate Mortgage didn’t get away from the financial impact of the first quarter’s historically low interest rates, which already dented the performance of most other lenders. But the results weren't fully marred by bad news. Here's one area where the lender performed better.
Impac’s earnings plummeted from last year and even last quarter, but the company isn’t worried, and even feels that it had a strong start to the year. In this exclusive interview with HousingWire they explain why.
Mortgage banking net revenue was up 7% to $1.9 billion, which the bank's earning statement attributes to "higher MSR risk management results and strong loan growth, partially offset by lower servicing revenue."
Originations decreased 48% from the first quarter of 2013, down to $353.1 million. Impac attributes most of that to the sale of their brick and mortar branches at the end of last year, which accounts for $180 million of the decline.
Zillow first-quarter earnings reflect the strong year it had traffic-wise, breaking records in both March and April. The company's first-quarter revenue hit $66.2 million, up 70% from $39 million for the same period a year ago.
“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.