Seven publicly held nonbanks reported a combined loss of $47.8 million on their mortgage banking operations in the second quarter as interest rate volatility hammered their servicing books.
Among publicly traded mortgage shops, Lending Tree CEO Doug Lebda took home the most bacon last year: $42.3 million in total compensation. But what do CEOs at private firms earn? The answer is not simple.
Falling interest rates are sometimes a bad thing — case in point is Mr. Cooper and negative MSR marks. Also, it’s been somewhat quiet on the M&A front but perhaps a change is in the wind.
Quicken stands out among nonbanks rated by Moody's Investors Service. The rating service said Quicken's earnings potential is among the highest in the group.
Most of the gain in production income occurred at JPMorgan Chase, which reversed an unusual loss in the fourth quarter. Wells Fargo accounts for most of the increase in servicing profits.
JPMorgan Chase reported a $200 million increase in mortgage banking income in the first quarter of 2019, a period when the banking industry managed just a $21 million gain.
The ailing Ditech Financial signaled in a new SEC filing that it will no longer file public reports on its quarterly and monthly results. The move comes days before bids are due on the franchise.
Ditech is once again operating under Chapter 11 bankruptcy protection. But its problems, like a top subservicing client wanting out, are accelerating. Can the firm's advisors sell the shop before it's too late?
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