Profits hurt by war, SARS
By MortgageDaily.com staff
4/23/2003

Cendant Corporation reported a slight drop in loan production and an upturn in servicing figures in its first quarter earnings statement for 2003.

Reported first quarter loan production, $18 billion, reflects about a 7 percent decrease from 2002's fourth quarter. Numbers are up 42 percent, however, from the first quarter a year ago.

Average loan servicing numbers edged up slightly, from $112 billion in 2002's fourth quarter to $116 billion in the most recent statement.

New York-based Cendant owns Century 21, Coldwell Banker and ERA as well as substantial holdings in the travel industry. Company officials also announced a lowering of profit expectations, citing their concerns about the impact of SARS and the conflict in the Middle East on their travel-related entities.

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