A new report from global ratings agency AM Best shows that U.S. life/annuity (L/A) insurers continued to increase allocations to commercial mortgage loan portfolios in 2023, however, problem loans, which includes those 90 days delinquent, rose sharply. Best’s report explains that life/annuity insurers expanded their allocations to mortgage loans last year by more than 6%
Mortgage originations fell by 11.2% in 2023, with 2,453 fewer loan closings than in 2022, according to data from the Office of the Commissioner of Financial Institutions (OCIF). According to the information, during the last two years, the upward trend that the real estate sector had between 2019 to 2021 has been broken. Last year’s
Reported earnings per share (EPS) of $0.40 for Q1 2024, aligning with analyst estimates. Net income reached $41.54 million in Q1 2024, meeting the expectations set by analysts. Generated revenue of $54.56 million during the quarter, exactly as analysts predicted. Acquired or originated $652 million of residential mortgage loans, demonstrating robust portfolio growth. Completed a