ContiFinancial Corp.'s net income for its third fiscal quarter, which ended Dec. 31, reached $29 million, up 29.4% from profits in the quarter a year earlier.
During the quarter, the company finalized the acquisition of Royal MortgageBanc, Resource One Consumer Discount Co., and United Lending Group. Also, ContiFinancial purchased a majority interest in subprime auto lender Triad Financial Corp., formed an alliance with North American Mortgage Co. to provide underwriting and servicing for B and C loans, and formed a strategic alliance with home equity lender CMG Funding Corp.
Growth in securitization and origination volume continues to drive ContiFinancial's earnings. The company increased securitized loan volume $1.2 million in the quarter, a 6.1% increase.
Delinquencies in the company's servicing portfolio climbed to 4.17% from the preceding quarter's 3.26%.