Originations up 39% from Q2
By MortgageDaily.com staff
10/21/2002

GreenPoint Financial Corp. reported increases in mortgage production during the third quarter.

The company's loan origination totaled $9.7 billion, an almost 39% hike from the second quarter's $7 billion total and an almost 43% jump from last year's $6.8 billion, the company reported.

The company's period end pipeline was a record $9.4 billion compared with $7 billion at the end of the second quarter.

"I am very gratified by GreenPoint's strong performance during the third quarter," said Thomas S. Johnson, chairman and chief executive officer. "Low interest rates provided an ideal climate for our mortgage banking business, leading to record applications, record originations and a record pipeline with which to begin the fourth quarter."

The company's mortgage and consumer banking businesses are "counter-cyclical," which makes them complementary and allows GreenPoint to do well in a variety of interest rate environments, he said.

One of GreenPoint Financial's two principal subsidiaries is GreenPoint Mortgage, which is based in Novato, Calif. The company reported net earnings of $127 million for the third quarter.

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