Corporate finance

PHH Corp. took a net loss in the first quarter but was able to surpass minimums for net worth and available cash necessary for Ocwen Financial to acquire the company.

Legal costs and legacy issues related to previous management continue to weigh on the online lender's results.

Fannie Mae's first-quarter profits were enough for it to rebuild its minimum capital buffer and pay the Treasury Department dividend after being forced to take a draw during the previous fiscal period.

Ocwen Financial Corp. got back in the black during the first quarter after selling New Residential Investment Corp. $110 million in economic rights to mortgage servicing.

If Freddie Mac's credit-risk transfer activities continue to grow, mortgage lenders could eventually see a reduction in the guarantee fees they pay to the government-sponsored enterprise, according to CEO Donald Layton.

Record originations on "better-yielding" used-car loans helped drive a 14% increase in its first-quarter profit. But Ally's shares were down Thursday on concerns of rising deposit costs.

The San Francisco-based online lender reported a net loss of $115 million for 2017, more than half of which was connected to warrants issued in a deal that stabilized the struggling firm.

Ocwen Financial Corp.'s acquisition of PHH Corp. will help the nonbank servicer rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.

The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending.

Impac Mortgage Holdings' nonqualified mortgage origination volume increased 248% year-over-year in the third quarter as the company accumulates loans for a planned securitization next year.