Mortgage Firms Compete Over Diminishing Market
Origination News has news about the mortgage firm in the previous post. "The Washtenaw Group Inc., a holding company for Washtenaw Mortgage Co., has reported a net loss of approximately $1.7 million for the first quarter, compared with a net loss of $3.1 million ($0.69 per share) a year earlier."
"Mortgage origination volume totaled $169 million in the first quarter, down 57% from $394 million in the first quarter of 2004."
"We are doing everything possible to generate mortgage volume and reduce operating expenses. We have introduced many of the newest mortgage products, such as zero-down, interest-only and Alt. A. In fact, we are expanding the criteria for Alt. A. mortgages to cast a wider net and attract additional borrowers, Charles C. Huffman, Chairman and CEO said."
The industry has played games with statistics for months, but it is well known that originations are way down since 2003.