Earnings jump
By MortgageDaily.com staff
10/28/2002

Saxon Capital, Inc. announced increases in its mortgage loan origination volume and total service portfolio balance during the third quarter, as well as a substantial jump in net income.

Total mortgage loan origination volume, including wholesale, retail, and correspondent, finished the quarter at a reported $637.7 million, a 20% increase from second quarter's $531.0 million and a 14% increase from third quarter 2001. For the nine months ended Sept. 30, origination volume totaled $1.8 billion, up 1% from the same time last year.

The residential mortgage lender and servicer reported a $3.2 billion net mortgage loan portfolio for the quarter.

"The focus of the Saxon strategy is to expand our high-yielding, quality mortgage loan portfolio, while maintaining strict principles of credit, pricing and servicing," said Michael L. Sawyer, chief executive officer. "This disciplined approach and focus on quality has led to decreased serious delinquencies in our total serviced portfolio, and controlled growth in our owned portfolio."

The Virginia-based company reported a serviced portfolio balance total of $6.9 billion, an almost 8% increase from second quarter's $6.4 billion.

On the earnings side, Saxon reported net income of $8.5 million during the third quarter, which represents a 66.7% jump from second quarter's $5.1 million. The nine-month net income figure totaled $15.6 million, the report said.

Sam Garcia, publisher of MortgageDaily.com, owns shares of Saxon.

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