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Servicing Income Weakens at Countrywide.
ALEXANDRIA, VA -- Analysts at Friedman Billings Ramsey still recommend the shares of Countrywide Financial Corp., but FBR lowered its earnings estimate and target share price in the wake of Countrywide's first-quarter financial performance.
Among the key points analysts Paul Miller, Annett Franke and Steve Stelmach made in their report was Countrywide's servicing income came in below expectations.
The servicing shortfall mainly reflected a $428 million writedown of subprime and home-equity line of credit residual interests. On the bright side, this writedown "should clear the book of higher-risk product going into next quarter," the analysts said in their report.
But they also noted that Countrywide valued its mortgage servicing asset at 1.78%, or 4.4 times the ...
- Servicing Income Weakens at Countrywide.
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...still recommend the shares of Countrywide Financial Corp., but FBR...share price in the wake of Countrywide's first-quarter financial...made in their report was Countrywide's servicing income came in below expectations...
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...level as lower net interest income, a decline in loan servicing income, an increase in loan-loss provisioning and other factors...conditions in California. Downey said that its lower mortgage servicing income primarily reflected a $1.2 million increase in payoff...
- Servicing Income Grew 18 Percent Last Year.
- Magazine article from: National Mortgage News Cornwell, Ted August 13, 2001 700+ words
...per FTE. This year, with a refinancing boom churning portfolios, lenders likely are having more difficulty generating servicing income. That may dampen the results of next year's survey of lenders. "I would expect to see a decline in profitability next...
- Cost Control Lifts Servicing Income.(Brief Article)
- Magazine article from: Mortgage Servicing News September 1, 2001 700+ words
...per FTE. This year, with a refinancing boom churning portfolios, lenders likely are having more difficulty generating servicing income. That may dampen the results of next year's survey of lenders. "I would expect to see a decline in profitability next...
- FDIC Data Offers Insight into Servicing Income.
- Magazine article from: National Mortgage News May 13, 2002 700+ words
A report released by the FDIC says that new detail from bank call reports sheds light on their loan servicing income and other sources of fee income. For nearly 25 years, non-interest income has been growing as a share of banks' operating...
- LOMAS FINANCIAL CORPORATION ESTABLISHES $50 MILLION PROVISION AGAINST FUTURE...
- Press release article from: PR Newswire November 9, 1993 700+ words
...today it will establish a $50 million provision against future impairment in the carrying value of its purchased mortgage servicing income rights. This decision reflects the unprecedented prepayments that the mortgage banking industry experienced in the month...
- Saxon Capital, Inc. Announces Second Quarter 2006 Operating Results; Net Income...
- Press release article from: Business Wire August 9, 2006 700+ words
...million write-off of deferred tax assets due to a change in certain tax laws in Texas, a $1.4 million reduction in servicing income due to an accrual to reimburse a sponsor of a securitized mortgage loan pool, and $0.5 million to provide for the settlement...
- Countrywide's Earnings Fall, But Don't Blame Servicing.
- Magazine article from: Mortgage Servicing News Cornwell, Ted September 1, 2005 700+ words
...a drag on income at Countrywide. Despite taking an impairment hit, Countrywide posted an $89 million...primary reason that servicing income rose, Mr. Mozilo said...the pricing pressure, Countrywide's total loan production...