Resource Bancshares Mortgage Group's earnings increased 72% in the fourth quarter, to $12.7 million, or 55 cents per share, the company said.
It cited a $68.1 million increase in net gain on sale of loans, a $12.3 million increase in servicing fees, and a $1.5 million gain on the sale of its retail production platform.
These advances were the upshot of increased production of agency loans, due to a favorable interest rate environment, increased servicing volumes, and continued strong growth in production of subprime loans, the company said.
Resource originated $16.5 billion of home loans last year, up 53%. Resource's pipeline of loans eligible for purchase by government-sponsored enterprises was $1.7 billion at yearend, and its servicing portfolio was at $9.9 billion.