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Irwin's Servicing Results Help Boost Mortgage Earnings.
Columbus, OH -- Irwin Financial Corp. said net income grew to $18.5 million in the third quarter, up from $16.3 million in the third quarter of 2004. Earnings also improved compared to the second quarter.
Strong loan origination volume and a reversal of mortgage servicing impairment helped generate the increase in earnings, Irwin said.
"The quarter-over-quarter improvement was fueled by the turnaround in mortgage banking," Irwin Financial's chairman, Will Miller, said in a news release.
That mortgage turnaround also reflected an increase in reported revenue due to improved mortgage servicing valuations.
Irwin's mortgage banking unit had record net income of $5.9 million, compared to a loss of $9.2 million in the second ...
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Source: HighBeam Research, Irwin's Servicing Results Help Boost Mortgage Earnings.