Industry News

Cendant grows real estate revenue

Mortgage segment still lags

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Revenue from real estate franchise, brokerage and relocation operations at Cendant Corp. jumped 31 percent from the second quarter of 2003 to the second quarter of 2004, rising to $1.81 billion, the company reported today. Meanwhile, its mortgage services segment, which includes mortgage and settlement services, saw second-quarter revenues slip 13 percent, from $394 million to $344 million from the second quarter of 2003 to the second quarter of this year. Cendant officials announced earlier week that they are talking with a potential buyer of Cendant's mortgage business and are pursuing a relationship that will provide for the company's continuing participation in the mortgage business. "The combination of prolonged strength in the residential real estate market and the early stages of a rebound in travel spending, together with solid execution on our strategies, enabled our core real estate and travel verticals to perform ahead of expectations," Cendant CEO and president Henry R. S...