million loss for the third quarter. The decline in loan origination volumes, combined with continued competitive pricing pressures, contributed to the losses, the company said. The losses are down from $5.8 million in losses in the period last year. The company attributed the reduced loss to an increase in profits on servicing sales, a small gain on the origination and sale of loans, and a reduction in costs in personnel and operations. Hamilton announced a restructuring and cost reduction plan in January. The restructuring will consolidate by region its processing, underwriting, and funding operations into eight wholesale production centers. Hamilton took a charge of $1.5 million as a result of the restructuring. The company has closed offices in Seattle, Dallas, Houston, and Phoenix, as well as its national correspondent and retail divisions. Further consolidations are planned for the fourth quarter this year. The lender will focus its origination business on western states, and will expand its subservicing activities, according to a statement released with its quarterly earnings. Hamilton's stock has weakened in recent trading, falling as low as $1.25 Monday.
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