Add Guild Mortgage to the list of lenders with profitability propelled by the servicing portfolio in the first quarter — a trend that will continue in the coming months, as pressure on origination margins will remain, executives believe.
The California-based nonbank mortgage lender reported a $208 million net income from January to March, an increase of 393% quarter over quarter and 29% year over year.
“Origination volumes and gain on sale margins were compressed compared to prior quarters, consistent with broader industry trends,” Mary Ann McGarry, Guild’s CEO, said during a call with analysts on Friday morning. “Our servicing platform acted details ⇒
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