Mr. Cooper Group on Tuesday recorded mixed earnings for the second quarter that fell short of matching year-ago results and consensus estimates but were considerably stronger than the bottom line in the previous fiscal period. Servicing, including a $30 million mark net of hedges, was the key driver of the second-quarter’s $198 million profit. That […]
Mr. Cooper profit rises with Rocket deal in focus Read More »
PennyMac Financial Services Inc. (PFSI) on Tuesday reported net income of $136.5 million for Q2 2025 on revenue of $444.7 million, which executives attributed to big strides made in the broker channel and a servicing portfolio that has surpassed $700 billion UPB. During the earnings call, CEO and Chairman David Spector commented that PennyMac was experiencing
PennyMac, the top dog in correspondent, says its broker business is booming Read More »
The enormous scale of the trade war initiated by President Donald Trump has the potential to upend practically every aspect of the economy, and the most vulnerable space in the real estate industry is homebuilding. Trump has targeted a number of key trading partners for homebuilders — including Canada, Mexico, China and Vietnam. He’s either
Homebuilders are weathering the trade war — for now Read More »
Pennymac enjoyed a more productive second quarter, although it suffered a financial hit from hedging results over early spring rate volatility. The Southern California-based mortgage giant reported $136.5 million in net income for the second quarter, missing a Standard & Poor’s Capital IQ consensus estimate of $152 million. The net income figure however was up
Pennymac profit jumps 79% despite hedge losses Read More »
Shares of D.R. Horton rose the most in more than five years as the homebuilder posted earnings that beat expectations even as the US housing market remains sluggish. Horton shares surged as much as 14% after the company released results for the fiscal third quarter, the biggest intraday gain since April 2020. The builder’s stock
D.R. Horton jumps on profit beat despite soft housing market Read More »
UPDATE: This article includes quotes from Citizens’ second-quarter earnings call and an interview with CEO Bruce Van Saun. Citizens Financial Group is “reimagining” itself for the AI age, the company announced as it unveiled its second-quarter earnings. “We’ve commenced work on a project we are calling ‘Reimagining the Bank,’” CEO Bruce Van Saun said Thursday
Citizens announces AI-driven ‘reimagining’ of the bank Read More »
UPDATE: This story now includes quotes from M&T’s chief financial officer and commentary from an analyst who covers the bank. M&T Bank outperformed second-quarter expectations, driven by a spike in noninterest income. Noninterest income at the Buffalo, New York-based company rose by 17% in the second quarter compared with the same period a year ago.
M&T tops estimates, eyes mergers for Northeast expansion Read More »
UPDATE: This article includes comments made during Bank of America’s earnings call and comments from an analyst’s note. Bank of America may find opportunities to make small, non-bank acquisitions, but for now it plans to keep directing excess capital into organic growth, CEO Brian Moynihan said Wednesday. The $2.4 trillion-asset financial giant — which, like
Bank of America sticking to organic growth plan: CEO Read More »
UPDATE: This article now includes details from BNY’s earnings call and comments from CEO Robin Vince. The Bank of New York Mellon had plenty of updates to provide about its estimate-beating second quarter, but there was one topic on which the bank’s executives kept quiet. In recent weeks, reports have circulated that BNY has held
BNY beats estimates, stays mum on merger rumors Read More »
Lower gain on sale margins at JPMorgan Chase could be a negative sign for independent mortgage banker results in the second quarter, a Keefe, Bruyette & Woods report said. The drop in margins at both Chase and Wells Fargo came even as origination volume rebounded at both banks. It was up 44% from the first
Chase’s lower 2Q margins a negative for IMB earnings Read More »
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