ContiFinancial Corporation Announces 36.5% Increase In Second Fiscal Quarter Earnings.NEW YORK--(BUSINESS WIRE)--Nov. 3, 1997-- Highlights for the Quarter: - Net Income increased 36.5% to $34.8 million. - Earnings per common share increased 25.9% to $0.73. - Sales and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of home equity, home improvement and other residential mortgage loans by ContiFinancial's subsidiaries increased 97.7% to $1.610 billion; originations increased 82.1% to $1.612 billion. - ContiMortgage's servicing portfolio reached $8.2 billion, up 68.2%. - Home equity delinquencies increased to 4.27% from 3.68% as of June June: see month. 30, 1997, but remained within the projected bands for the fiscal year of 3.75% - 4.50%; defaults remained relatively stable at 4.97%, as compared to 5.05% at June 30, 1997. - The Company originated $384 million and securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. $328 million of commercial real estate mortgage loans. - The Company sold $99.7 million of Net Interest Margin securities and arranged a $275 million unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. commercial paper program. - On October October: see month. 1, 1997, the Company purchased Fidelity Fidelity is a notion that at its most abstract level implies a truthful connection to a source or sources. Its original meaning dealt with loyalty and attentiveness to one's duty to a lord or a king, in a broader sense than the related concept of fealty. Mortgage Decisions Corporation, a Chicago-based wholesale and retail originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting of home equity loans. ContiFinancial Corporation (NYSE NYSE See: New York Stock Exchange :CFN CFN Center for Functional Nanomaterials CFN Companhia Ferroviaria do Nordeste (Brazil) CFN Commercial Fueling Network CFN Conselho Federal de Nutricionistas (Brazil) ) today announced earnings results for the second fiscal quarter ended September September: see month. 30, 1997. Gross income for the second quarter of fiscal 1998 increased 76.3% to $158.1 million from $89.7 million in the second quarter of fiscal 1997, and 18% from $134.0 million for the first quarter of fiscal 1998. The Company reported net income of $34.8 million for the second quarter, compared to net income of $25.5 million for the comparable period last year and $26.9 million for the first quarter of fiscal 1998, an increase of 36.5% and 29.6%, respectively. Earnings per common share were $0.73 for the quarter ended September 30, 1997, compared with $0.58 per share last year and $0.59 for the first quarter of fiscal 1998. The weighted average number of both primary and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common shares outstanding during the second quarter of fiscal 1998 was 47.6 million. For the second quarter of fiscal 1997, the weighted average number of both primary and fully diluted common shares outstanding was 43.9 million. For the first quarter of fiscal 1998, the weighted average number of primary and fully diluted common shares outstanding was 45.4 million and 45.6 million, respectively. Gross income for the six months ended September 30, 1997 increased 83.2% to $292.2 million from $159.4 million for the first six months of fiscal 1997. The Company reported net income of $61.7 million for the first six months, compared to net income of $44.9 million for the comparable period last year, an increase of 37.3%. Primary earnings per share were $1.33 for the six months ended September 30, 1997, compared with $1.02 per share last year. Fully diluted earnings per common share were $1.32 for the six months ended September 30, 1997, compared with $1.02 per share for the corresponding period last year. The weighted average number of primary and fully diluted common shares outstanding during the first half of fiscal 1998 were 46.5 million and 46.6 million, respectively. For the first half of fiscal 1997, the weighted average primary and fully diluted common shares outstanding were 43.9 million and 44.0 million, respectively. Total home equity, home improvement and other residential mortgage loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. volume increased to $1.612 billion for the second quarter of fiscal 1998, an 82.1% increase from $885.4 million for the corresponding period of fiscal 1997. Total home equity, home improvement and other residential mortgage loan origination volume for the six months ended September 30, 1997 increased to $3.032 billion, a 93.9% increase from $1.564 billion for the corresponding period of fiscal 1997. Originations from our retail-focused subsidiaries were $277.3 million of home equity, home improvement and other residential mortgage loans during the second quarter, and $530.4 million for the first half of fiscal 1998. The Company's recently acquired home equity retail originators have surpassed initial expectations for origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume. "In the second fiscal quarter, home equity loan origination in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century was 27% of our nationwide production, said James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. E. Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. , President and Chief Executive Officer of ContiFinancial. "We expect originations in the western states to exceed 30% of the total by the end of fiscal 1998. We also expect our retail subsidiaries to produce about 20% of our total residential loan originations in fiscal 1998." With a managed portfolio of $8.2 billion at September 30, 1997, ContiMortgage is among the largest servicers of non-conforming home equity loans. The Company's move into retail origination has resulted in a change in the profile of the income statement. Retail origination expenses focus heavily on compensation and benefits and general and administrative expenses, whereas with wholesale originators, such as ContiMortgage, costs of origination in the form of premiums are netted from "gain on sale of receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed ." As retail origination grows, the Company anticipates a related increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , largely offset by higher income from origination points and other cash income included in gain on sale results. For the quarter ended September 30, 1997, the cash component of gross income (net of interest expense) was $84.6 million, or 71.9%, and the cash component of gain on sale was 66.2%. Total operating expenses (compensation and benefits and general and administrative expenses) increased by 160.0% in the second quarter of fiscal 1998, compared with the corresponding period in fiscal 1997. The retail originators, Resource One Consumer Discount Company, Royal MortgageBanc, United Lending Group and Triad Financial (56% owned), each acquired in the third quarter of fiscal 1997, comprised 68.8% of the increase, or 42.4% of total operating expenses. At September 30, the retail originators represented 57.4% of the Company's total headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. of 2,094 or 77% of the increase in headcount from one year ago. Excluding the impact of the retail originators, ContiFinancial's operating expenses increased 49.9%, which is in line with ContiMortgage's 50.8% increase in origination and servicing volume (excluding acquisitions) for the second fiscal quarter. For the six months ended September 30, 1997, cash income included in gross income (net of interest expense) was $144.7 million, or 67.0%, and the cash component of gain on sale was 58.5%. Total operating expenses increased by 176.6% in the second half of fiscal 1998, compared with fiscal 1997. The retail originators comprised 66.7% of the increase, or 42.6% of total operating expenses. Excluding the impact of the retail originators, ContiFinancial's operating expenses increased 58.7%, which is in line with ContiMortgage's 60.0% increase in origination and servicing volume (excluding acquisitions) for the six months ended September 30, 1997. "We were quite pleased with the recent ContiMortgage 97-4 securitization, said Mr. Moore. "This $1.525 billion transaction, our largest to date, was structured using an innovative combination of a subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. class, surety-wrap credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing and PAC PAC, see political action committee. (1) See perceptual audio coding. (2) (Programmable Automation Controller) A programmable microprocessor-based device that is used for discrete manufacturing, process control structure. We believe that this securitization, with a wide distribution among institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , including traditional mortgage-backed Mortgage-backed may refer to:
The delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rate on ContiMortgage's servicing portfolio as of September 30, 1997 was 4.27%, as compared to 3.68% as of June 30, 1997, in line with the levels projected for fiscal 1998 and well below comparable industry averages. Delinquencies have fluctuated between 3.11% and 4.56% for the past twelve months and are expected to fluctuate in the 3.75% to 4.50% range for the fiscal year. The default portfolio remained relatively stable at 4.97%, down slightly from 5.05% at June 30, 1997. Included in the default total were loans performing under bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most plans and REO's, making up 0.62% and 0.53% of the servicing portfolio, respectively, compared with 0.75% and 0.48%, respectively, as of June 30, 1997. Net losses for the second quarter of fiscal 1998 were $9.2 million, or 0.120% of average serviced loans outstanding, as compared with $5.0 million, or 0.074% for the first quarter of fiscal 1998. As the portfolio seasons, management expects net losses over the next year will be in the range of 0.40% - 0.45% on a trailing twelve month basis annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. . Net losses as a percentage of average serviced home equity loans outstanding were 0.36% for the twelve months ended September 30, 1997, as compared with 0.28% for the twelve months ended June 30, 1997. "Management is committed to maintaining reserve levels well above actual loss experience, explained Mr. Moore. "The first and second fiscal quarter ContiMortgage securitizations were each recorded with a provision of 0.65% for annual losses to reflect expected portfolio performance. These reserves are approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 150% of current experience." As of June 30, 1997 and September 30, 1997, the reserve for credit losses on ContiMortgage's portfolio was $79.4 million and $91.6 million, respectively. (Note: The reserve for credit losses is recorded in two places on the Company's balance sheet. For home equity loans that are owned by the Company, the reserve is recorded as a separate balance sheet item, "allowance for loan loss", which was $2.3 million and $2.2 million at June 30, 1997 and September 30, 1997, respectively. The reserve for home equity loans securitized is included in the valuation of excess spread receivables.) "The quality of our interest-only and residual Residual See:Residual value certificates is based upon our ability to meet or better the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. and loss assumptions made upon securitization, added Mr. Moore. "We have focused on the portfolio created beginning with 1994, as this encompasses approximately 96% of our ContiMortgage ESR ESR - Eric S. Raymond portfolio (including sales) and is most relevant to this analysis. From 1994 to present, the Company has received $141 million in cash on this portfolio compared to $137 million representing the projected cash receipts recorded at the dates of securitization. The actual cash received on 1994 and 1995 deals has been less than initially recorded, primarily due to prepayment speeds Prepayment speed Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. of our ARMS, which was fully offset by the excess of actual cash receipts on 1996 and 1997 deals over initial projections. "Further validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of the value and liquidity of our ESR portfolio was provided during the quarter when the Company sold $99.7 million of interest-only and residual certificates from its CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. 97-2 and 97-3 securitizations through the issuance of ContiMortgage Net Interest Margin Notes, continued Mr. Moore. "These notes, issued through a wholly-owned subsidiary, have approximately a one year average life and an interest rate of 7.23%. The transaction, which was structured as a non-recourse true sale with a BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + rating from Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. , Inc., has potentially profound implications for ContiFinancial. Effectively, we converted two-thirds of the excess spread receivables derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from ContiMortgage's 97-2 and 97-3 securitizations, into cash at a cost competitive with term debt. The cash raised exceeded the origination points paid for the underlying $2.1 billion in mortgage collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although . We plan to return to this market on a regular basis in the future. Our expectation is that successful implementation of this strategy, together with a continuing positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , will bring the Company into an overall cash positive situation going forward. The result will sharply reduce the need to return to the debt and equity markets in the future." Further enhancing the Company's liquidity was the September 9, 1997 implementation of a $275 million unsecured commercial paper program. The commercial paper has been rated A-1+, P-1, and F-1+ by Standard & Poor's Ratings Group, Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and Fitch Investors Service, L.P., respectively, supported by a letter of credit provided by Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. with participation from 14 other U.S. and foreign banks. The commercial paper proceeds will be used for working capital and warehousing purposes, and will be available in addition to the Company's previously arranged $200 million unsecured three-year revolving bank credit facility, and its $3.0 billion of committed warehouse facilities. "ContiMAP(R), the Company's commercial real estate loan origination conduit conduit /con·du·it/ (kon´doo-it) channel. ileal conduit the surgical anastomosis of the ureters to one end of a detached segment of ileum, the other end being used to form a stoma on the , continued its growth as a strong supplement to home equity loan activities. In the second quarter, of a total $384 million originated through ContiMAP(R), $328 million loans were sold into a $1.7 billion commercial mortgage-backed securitization. The Company expects to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. at least $1 billion during fiscal 1998 and is on track to accomplish that goal. "The commercial mortgage group has clearly become our second largest profit center at about 10% of our gross income and has the potential for continued, rapid growth. Our longer term goal is for the commercial mortgage group to generate about 15% of our gross income," said Mr. Moore. "Triad booked a small loss this quarter, as we deferred securitization of its portfolio until last week, thus building net interest income and avoiding the September securitization rush, added Mr. Moore. "A private placement of $60 million was circled on October 22 at very competitive pricing, and Triad is expected to return to profitability in the second half of the year. Triad's management has continued to concentrate on building underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and collection systems, rather than focusing primarily on volume, which was $38.3 million for the quarter. Delinquency has remained at very low levels compared to similar portfolios, and we believe that we are now well prepared to grow our business at a more rapid pace. "Transactions for strategic alliances, other than commercial mortgages, continued to provide additional income with private placements totalling $75.9 million for equipment leases and time share loans. We also acted as co-lead manager on an August public securitization for Empire Funding, our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic alliance in the high loan-to-value arena." ContiFinancial is a consumer and commercial finance company with headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The Company, through ContiMortgage Corporation and other subsidiaries, is a leading originator, purchaser, securitizer and servicer of home equity loans made to borrowers whose borrowing needs may not be met by traditional financial institutions. In addition, through ContiTrade Services L.L.C., the Company provides financing and securitization services and, through ContiFinancial Services Corporation, bond placement services, to originators of a broad range of loans, leases and receivables, including loans for a variety of commercial real estate property types; home equity loans; home improvement loans; prime, sub-prime and non-prime auto loans; franchisee loans; time-share time-share v. time-shared, time-shar·ing, time-shares v.tr. 1. Computer Science To use (a computer) by time-sharing. 2. To occupy (a vacation property) by time-sharing. v. loans and equipment leases. Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the federal securities laws. There are many important factors that could cause ContiFinancial Corporation's actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, interest rate risk, prepayment speeds, delinquency and default rates, changes (legislative and otherwise) in the asset securitization industry, demand for ContiFinancial Corporation's services, the net interest margin securities market, the impact of certain covenants in loan agreements of ContiFinancial Corporation and Continental Grain Company, the degree to which ContiFinancial Corporation is leveraged, its needs for financing, and other risks identified in ContiFinancial Corporation's Securities and Exchange Commission filings. -0-
ContiFinancial Corporation
Selected Financial Information
(dollars in thousands, except per share data)
(unaudited)
Consolidated Statements of Income
Three months Three months
ended ended %
September 30, September 30, Incr
1997 1996 (Decr)
Gross income
Gain on sale of receivables $ 78,792 $ 44,203 78.3%
Interest 58,225 33,179 75.5%
Net servicing income 17,807 10,893 63.5%
Other income 3,306 1,408 134.8%
Total gross income 158,130 89,683 76.3%
Expenses
Compensation and benefits 36,477 15,788 131.0%
Interest 40,499 24,326 66.5%
Provision for loan losses 1,203 89 -%
General and administrative 22,718 6,978 225.6%
Total expenses 100,897 47,181 113.9%
Income before income taxes
and minority interest 57,233 42,502 34.7%
Income taxes 23,343 16,986 37.4%
Income before minority
interest 33,890 25,516 32.8%
Minority interest of
subsidiary (947) - n/a
Net income $ 34,837 $ 25,516 36.5%
Fully diluted earnings per
common share $ 0.73 $ 0.58 25.9%
Primary earnings per common
share $ 0.73 $ 0.58 25.9%
Fully diluted weighted
average number of
shares outstanding 47,619,685 43,949,105
Primary weighted average
number of shares
outstanding 47,604,683 43,914,518
Pro forma basic earnings
per common share(a) $ 0.74 $ 0.59 25.4%
Pro forma basic weighted
average number of shares
outstanding(a) 46,853,920 43,294,236
(a) Amounts are shown on a pro forma basis assuming the adoption of
the Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 128 "Earnings Per Share" which is effective
in fiscal 1998.
-0-
ContiFinancial Corporation
Selected Financial Information
(dollars in thousands, except per share data)
(unaudited)
Consolidated Statements of Income
Six months ended Six months ended %
September 30, September 30, Incr
1997 1996 (Decr)
Gross income
Gain on sale of receivables $ 143,132 $ 75,369 89.9%
Interest 107,904 61,694 74.9%
Net servicing income 33,780 19,966 69.2%
Other income 7,337 2,417 203.6%
Total gross income 292,153 159,446 83.2%
Expenses
Compensation and benefits 66,711 28,196 136.6%
Interest 76,362 43,988 73.6%
Provision for loan losses 2,514 308 716.2%
General and administrative 43,788 11,757 272.4%
Total expenses 189,375 84,249 124.8%
Income before income taxes
and minority interest 102,778 75,197 36.7%
Income taxes 41,984 30,248 38.8%
Income before minority
interest 60,794 44,949 35.3%
Minority interest of
subsidiary (916) - n/a
Net income $ 61,710 $ 44,949 37.3%
Fully diluted earnings per
common share $ 1.32 $ 1.02 29.4%
Primary earnings per common
share $ 1.33 $ 1.02 30.4%
Fully diluted weighted
average number of
shares outstanding 46,604,156 43,996,236
Primary weighted average
number of shares
outstanding 46,514,893 43,906,400
Pro forma basic earnings
per common share(a) $ 1.35 $ 1.04 29.8%
Pro forma basic weighted
average number of shares
outstanding(a) 45,805,621 43,271,118
(a) Amounts are shown on a pro forma basis assuming the adoption of
the Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 128 "Earnings Per Share" which is effective
in fiscal 1998.
-0-
As of
September 30, March 31, September 30,
1997 1997 1996
Balance Sheet Data
Interest-only and residual
certificates $525,015 $445,005 $270,012
Trade receivables, net 835,349 709,151 572,005
Long term debt 499,555 498,817 299,147
Total stockholders' equity 575,311 407,784 343,674
As of or for the three months %
ended September 30, Incr
1997 1996 (Dec)
Loan Portfolio Data
ContiMortgage serviced
loan portfolio $ 8,163,419 $ 4,852,045 68.2%
ContiMortgage home equity
loan originations:
Wholesale $ 1,334,908 $ 885,407 50.8%
Retail 165,123 - n/a
Other home equity/
home improvement and
other loan originations 112,199 - n/a
Total home equity/
home improvement and
other loan originations $ 1,612,230 $ 885,407 82.1%
Non-prime auto loan
originations $ 38,277 $ - n/a
Commercial loan originations $ 383,764 $ 276,023 39.0%
Securitizations and sales:
ContiMortgage $ 1,525,000 $ 814,420 87.2%
Other ContiFinancial
home equity/home
improvement 84,908 - n/a
Commercial real estate 328,007 - n/a
Triad - - n/a
Strategic alliances 75,877 311,924 (75.7%)
Total securitizations and
sales $ 2,013,792 $ 1,126,344 78.8%
-0-
As of or for the six months %
ended September 30, Incr
1997 1996 (Dec)
Loan Portfolio Data
ContiMortgage serviced
loan portfolio $ 8,163,419 $ 4,852,045 68.2%
ContiMortgage home equity
loan originations:
Wholesale $ 2,501,126 $ 1,563,535 60.0%
Retail 332,376 - n/a
Other home equity/
home improvement and
other loan originations 198,068 - n/a
Total home equity/
home improvement
loan originations $ 3,031,570 $ 1,563,535 93.9%
Non-prime auto loan
originations $ 76,333 $ - n/a
Commercial loan originations $ 575,570 $ 341,448 68.6%
Securitizations and sales:
ContiMortgage $ 2,790,000 $ 1,507,374 85.1%
Other ContiFinancial
home equity/home
improvement 151,151 - n/a
Commercial real estate 486,823 193,916 151.0%
Triad 45,881 - n/a
Strategic alliances 250,077 418,483 (40.2%)
Total securitizations and
sales $ 3,723,932 $ 2,119,773 75.7%
-0-
Delinquency-ContiMortgage(a) as Principal Balance as of
of Sept. 30, 1997 Sept. 30, 1997 June 30, 1997
Portfolio $8,163,419 $7,269,361
Delinquencies:
30 - 59 days 2.92% 2.69%
60 - 90 days 0.73% 0.69%
90 days and over 0.62% 0.30%
Total delinquencies (%) 4.27% 3.68%
Total delinquencies ($) $348,180 $267,368
Defaults:
Foreclosures 2.98% 3.24%
Bankruptcies 1.39% 1.29%
Real estate owned 0.53% 0.48%
Forbearances 0.07% 0.04%
Total defaults (%) 4.97% 5.05%
Total defaults ($) $ 405,503 $ 367,146
3 months 3 months
Sept 30, 1997 June 30, 1997
Net losses $ 9,208 $ 4,984
Principal Balance as of
Delinquency-Triad as of Sept. 30, June 30,
Sept. 30, 1997 1997 1997
Portfolio $135,148 $105,587
Delinquencies:
31-59 days 1.56% 1.29%
60-90 days 0.59% 0.30%
91 days and over 0.19% 0.10%
Total Delinquencies(%) 2.34% 1.69%
Total Delinquencies($) $ 3,159 $ 1,779
Repossession inventory $ 1,735 $ 1,063
3 months 3 months
September 30, June 30,
1997 1997
Net losses $ 1,023 $ 426
(a) Includes home equity loans originated by Royal MortgageBanc,
Resource One and United Lending Group, and serviced by
ContiMortgage.
CONTACT: Jerome Jerome St. Latin doctor of Church; preeminent biblical scholar. [Christian Hagiog.: Attwater, 185] See : Wisdom M. Perelson or Joseph Kist kist n. Variant of cist2. kist Noun Scot & S African a large wooden chest Kist a chest of money, hence, a store or cache of money, 1619. or Kerry O'Brien
Kerry O'Brien (born 22 August 1945) is an Irish-Australian television journalist based in Sydney. Born in Queensland, O'Brien started as a news cadet in 1966. Senior Vice President Edelman Ed·el·man , Gerald Maurice Born 1929. American biochemist. He shared a 1972 Nobel Prize for research on the chemical structure and nature of antibodies. Financial ContiFinancial Corporation (212) 704-8239 or (212) 207-5402 (212) 704-8292 |
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