Industry News

Jumbo lender projects record originations in 2008

Thornburg Mortgage says it's back in the black
Published on Feb 7, 2008

Jumbo lender Thornburg Mortgage Inc. said Tuesday the company bounced back from a billion-dollar third-quarter loss to turn a profit in the final quarter of 2007, and plans to originate loans at a faster pace this year than it did during the housing boom. Santa Fe, N.M.-based Thornburg said fourth-quarter net income totaled $64.8 million -- a remarkable turnaround from a $1.09 billion third-quarter loss that was driven by the fire sale of $21.9 billion of securities backed by adjustable-rate mortgages (see Inman News story). Originations fell to $516.7 million in the fourth quarter, down from $1.3 billion in the previous quarter and also in the fourth quarter of 2006. But Thornburg executives said the company is on track to originate $6.1 billion in loans this year, surpassing the past high mark of $5.6 billion in 2006. Although the Mortgage Bankers Association projects that total mortgage originations will fall about 16 percent in 2008, Thornburg says it's now well capit...

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