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Cendant Quietly Shops Loan Unit.(Cendant Mortgage Corp.'s financial reports)
Cendant Mortgage Corp., which is quietly being shopped around by its parent company, posted record revenue of $1 billion in 2003, a handsome increase of 114%.
But in the fourth quarter, Cendant Mortgage, like many residential finance firms, saw its revenue drop by 13% to $215 million.
It is projecting revenue of $775 million to $825 million for 2004. The company does not break out the net earnings of the mortgage unit separately.
One positive for the mortgage company is that its servicing amortization/impairment charge fell to $158 million in the fourth quarter, compared to $263 million in the year ago quarter.
Cendant, which is based here, is a subsidiary of Cendant Corp., New York, a consumer/business conglomerate that includes several large realty firms as well as travel and hospitality services.
Cendant Mortgage has about $130 billion in servicing rights on its books and ranks 10th nationwide, according to the Quarterly Data Report.
In December, National Mortgage News, an affiliate of this publication, reported that the mortgage unit was being shopped around to selected bidders by its parent company.
- Cendant Mortgage Corp Assigned RPS2 Resi Servicer Rating.
- Press release article from: Business Wire November 4, 1999 700+ words
...4, 1999-- Fitch IBCA assigns Cendant Mortgage Corp. its RPS2 Residential Primary Servicer...technologies. For more information on Cendant Mortgage, see Fitch IBCA Research on "Cendant Mortgage Corp." dated June 7, 1999. Fitch IBCA...
- Deal Could Put CFC on Top.(Servicing market share)(Cendant Mortgage Corp.)
- Magazine article from: Mortgage Servicing News September 1, 2004 700+ words
...Home Loans winds up buying Cendant Mortgage, it would once again become...Mount Laurel, N.J.-based Cendant Mortgage Corp. was still pending. Industry...with Merrill Lynch, one of Cendant Mortgage Corp.'s largest "private label...
- Cendant Indemnifies HUD After Audit.(Cendant Mortgage Corp.)
- Magazine article from: Origination News Collins, Brian February 1, 2003 700+ words
Cendant Mortgage Corp. has agreed to indemnify the Department...problems have been corrected. Cendant Mortgage president and chief executive Terry...IG auditors initially selected Cendant Mortgage for review in the summer of 2001...
- NT Outsources To Cendant Unit.(Northern Trust Co. hires Cendant Mortgage Corp....
- Magazine article from: Origination News May 1, 2003 700+ words
Northern Trust Co. here has hired Cendant Mortgage Corp., Mt. Laurel, N.J., to provide mortgage...said, "By outsourcing our mortgage processing to Cendant Mortgage, we will be better positioned to more cost-effectively...
- After Talks Falter, Will IPO Be Next Strategy for Cendant?(Cendant Mortgage...
- Magazine article from: Mortgage Servicing News Muolo, Paul May 1, 2004 700+ words
...Calabasas, Calif., has taken a pass on purchasing Cendant Mortgage Corp., the nation's tenth largest servicer of residential...Countrywide was hoping to buy most or all of Cendant Mortgage, taking control of its production operation...
- Will Cendant Ever Trade?(Cendant Mortgage Corp.)
- Magazine article from: Mortgage Servicing News Muolo, Paul October 1, 2004 700+ words
Ten months ago Cend-ant Mortgage Corp., the nation's 10th largest residential servicer, was...pays up for anything." In this case the "pay up" for Cendant Mortgage would have been in the range of $750 million to $1 billion...
- Fitch Affirms 37 Classes from 4 Cendant Mortgage Corp. Issues.
- Press release article from: Business Wire December 7, 2004 700+ words
...taken rating actions on the following Cendant Mortgage Corporation mortgage pass-through...underwriting guidelines established by Cendant Mortgage Corporation. The mortgage loans consist...from approximately 74% to 91%. Cendant Mortgage Corporation, rated 'RPS1' by Fitch...
- Fitch Upgrades 5 & Affirms 7 of 2 Cendant Mortgage Corp Issues.
- Press release article from: Business Wire September 23, 2004 700+ words
...taken rating actions on the following Cendant Mortgage Corporation mortgage pass-through...underwriting guidelines established by Cendant Mortgage Corporation. Any mortgage loan with...that additional collateral loan. Cendant Mortgage Corporation, rated 'RPS1' by Fitch...