The average 1-year adjustable rate mortgage (ARM) fell eight basis points (BPS) from last week to 5.04%, according Freddie Mac's weekly survey of thrifts, commercial banks and mortgage lending companies. A look at Freddie's historical tables indicates t

Refis help push real estate segment\'s profit up 41%
By MortgageDaily.com staff
2/7/2002

In its announcement of fourth quarter results, Cendant Corporation reported that its mortgage loan production was $10 billion, a 71% increase over the prior year's 4th quarter production level of $5.9 billion. The company said that a 41% increase in revenues from 2000 for the real estate services segment "was primarily driven by a significant increase in mortgage loan production and profitability from higher levels of refinancings."

Cendant, which says it is the world's largest franchisor of real estate brokerages, indicated that its average loan servicing portfolio for the quarter was $95.2 billion, up from $69.1 billion during the same period in 2000. In addition to Cendant Mortgage, the company's holdings include CENTURY 21, Coldwell Banker and Coldwell Banker Commercial.

While Wall Street is currently preoccupied with the Enron debacle, Cendant appears to have recovered from its own accounting scandal that resulted from a merger in the late 1990's.

"We are pleased to report adjusted earnings per share for the fourth quarter ahead of the revised projections we announced on December 10, as our mortgage and travel distribution businesses outperformed our expectations," said Cendant Chairman, President and Chief Executive Officer, Henry R. Silverman.

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