The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Zillow analyst on whether home prices can keep climbing

Today’s episode of HousingWire Daily features an interview with Nicole Bachaud, as she discusses annual and monthly home price appreciation growth, rising inventory levels and rent prices.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Wells Fargo first quarter mortgage originations way down

Making money on MSRs

Wells Fargo (WFC) reported record net income of $5.9 billion, up 14%, or $1.05 per diluted common share, for first quarter 2014, around expectations.

That's up from $5.2 billion, or $0.92 per share, for first  quarter 2013, and up from $5.6 billion, or $1.00 per share, for fourth quarter 2013.

The bank reports far fewer mortgage originations and much more profit on mortgage servicing rights.

During the first quarter, residential mortgage originations were $36 billion, down from $50 billion in fourth quarter 2013 while the gain on sale margin was 1.61%, compared with 1.77% in the fourth quarter.

Net mortgage servicing rights results were $407 million, compared with $266 million in fourth quarter 2013.

"First quarter 2014 earnings were another record for our company and capital levels continued to strengthen," said CEO John Stumpf.

Total loans were $826.4 billion, up $4.2 billion from last quarter.

Growth in commercial and industrial, commercial real estate, auto and 1-4 family first mortgage more than offset the decline in junior lien mortgages and a seasonal decline in credit card loans, said the company.

“Credit performance was strong in the first quarter as losses remained at historically low levels, nonperforming assets continued to decrease and we continued to originate high quality loans,” said Chief Risk Officer Mike Loughlin.

Loughlin added nonperforming assets declined by $840 million, or 17% (annualized) from last quarter.
 

Most Popular Articles

These are the hottest housing markets in America

A housing market report from RE/MAX found that 36 of 51 metro areas had double-digit year over year sale price increases in August. Boise led the way.

Sep 17, 2021 By

Latest Articles

Housing permits hold the key for economic expansion

Housing permits, for me, is one of the most important housing and economic data lines we have in America. As long as housing permits are moving upward, not only is housing doing ok but the economic expansion is moving along nicely post-1996. HW+ Premium Content.

Sep 21, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please