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.
The San Francisco-based lender still posted losses in its portfolio, although those declined considerably from the year-ago period.
The Dallas consumer lender says it plans to boost subprime originations again after retooling its portfolio and taking stock of the economy.
The hurricanes destroyed hundreds of thousands of cars, and banks are significantly boosting their reserves in anticipation of higher defaults on auto loans. But there is also a silver lining for auto lenders.
The company is lending less and issuing smaller securitizations this year, but investors keep flocking to the subprime lender's paper.
JPMorgan Chase reported a rise in value of its mortgage servicing rights despite lower originations in this year's third quarter.
The government-sponsored enterprise is still looking for the right balance between offering a product that's attractive to investors and a cost-effective way to reduce risk.
The Michigan company had fewer gains from loan sales. It also reported an increase in noninterest expenses.
