J.G. Wentworth reduces net loss, posts debt gains

The J.G. Wentworth Co. in a third entertain was means to revoke a net detriment by augmenting gain from a debt lending and structured allotment divisions.

The struggling consumer financial company, that late final week entered a restructuring understanding with lenders, took a combined net detriment of $6.5 million. This was down from a net detriment of $38.8 million a year ago and a net detriment of $12.1 million a prior quarter.

Home lending generated loan close volume of $1.9 billion and sealed loan volume of $1.1 billion during a third quarter, and a company’s debt servicing rights portfolio had a satisfactory value of $50 million during quarter-end.

J.G. Wentworth earnings

A year ago, home lending generated debt close volume of $1.6 billion and sealed loan volume of $1 billion, and a company’s MSR portfolio had a satisfactory value of $32.6 million during quarter-end.

In a second quarter, a association generated loan $1.6 billion in close volume and $859.9 million in sealed loan volume, and a company’s MSR portfolio had a satisfactory value of $46.8 million during quarter-end.

Gains in a home lending section were partly equivalent by an boost in a handling expenses. J.G. Wentworth Home Lending available a $2.6 million boost in promotion responsibility during a entertain as partial of a direct-to-consumer expansion plan.

Home lending on a net basement contributed an additional $1.2 million in income to a association compared to a third entertain a year ago.

Structured settlements contributed an additional $38.8 million to a company’s formula from unrealized gains or waste on a securitized financial receivables, debt and derivatives.

The company’s sum combined income was $118.7 million in a third quarter, an boost of $49.9 million from $68.8 million a year ago and $101.4 million during a second quarter.


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Article source: http://www.nationalmortgagenews.com/news/jg-wentworth-reduces-net-loss-posts-mortgage-gains

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