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BXG » Topics » Mortgage Servicing Operations

This excerpt taken from the BXG 10-Q filed May 11, 2009.

Mortgage Servicing Operations

Our mortgage servicing operations record, process payments, and perform collections on our owned notes receivable, as well as on notes receivable sold to third parties. In addition, our mortgage servicing operations facilitate the monetization of our VOI notes receivable through our various credit facilities, as well as perform monthly reporting activities for our lenders and receivable investors. Further, we earn a fee for servicing those loans that have been sold to off-balance sheet qualified special purpose entities. We intend to pursue providing these services to other third-party portfolio owners, on a cash-fee basis. The following is a summary of the results of our mortgage servicing operations (in thousands):

34

 

 

 

 

 

 

 

 

 

 

For the Three Months
Ended March 31,

 

 

 

 

 

 

2008

 

2009

 

 

 

 

 

Servicing fee income

 

$

2,426

 

$

2,057

 

Cost of mortgage servicing operations

 

 

(799

)

 

(672

)

 

 

 

 

Gross profit from mortgage servicing operations

 

$

1,627

 

$

1,385

 

 

 

 

 
These excerpts taken from the BXG 10-K filed Mar 16, 2009.

Mortgage Servicing Operations

Our mortgage servicing operations record, process payments, and perform collections on our owned notes receivable, as well as on notes receivable sold to third parties. In addition our mortgage servicing operations facilitate the monetization of our VOI notes receivable through our various credit facilities, as well as perform monthly reporting activities for our lenders and receivable investors. Further, we earn a fee for servicing those loans that have been sold to off-balance sheet qualified special purpose entities. We intend to pursue providing these services to other third-party portfolio owners, on a cash-fee basis. The following is a summary of the results of our mortgage servicing operations (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

 

2006

 

2007

 

2008

 

 

 

 

 

 

Servicing fee income

 

$

6,955

 

$

8,698

 

$

9,436

 

Cost of mortgage servicing operations

 

 

(2,757

)

 

(2,412

)

 

(1,893

)

 

 

 

 

 

Gross profit from mortgage servicing operations

 

$

4,198

 

$

6,286

 

$

7,543

 

 

 

 

 

 

Mortgage Servicing Operations



Our mortgage servicing operations record, process payments, and perform collections on our owned notes receivable, as well as on notes receivable sold to third parties. In addition our mortgage servicing operations facilitate the monetization of our VOI notes receivable through our various credit facilities, as well as perform monthly reporting activities for our lenders and receivable investors. Further, we earn a fee for servicing those loans that
have been sold to off-balance sheet qualified special purpose entities. We intend to pursue providing these services to other third-party portfolio owners, on a cash-fee basis. The following is a summary of the results of our mortgage servicing operations (in thousands):












































































































































































































 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 


 

 

 

2006

 

2007

 

2008

 

 

 


 


 


 

Servicing fee income

 

$

6,955

 

$

8,698

 

$

9,436

 

Cost of mortgage servicing operations

 

 

(2,757

)

 

(2,412

)

 

(1,893

)

 

 




 




 




 

Gross profit from mortgage servicing operations

 

$

4,198

 

$

6,286

 

$

7,543

 

 

 




 




 




 


EXCERPTS ON THIS PAGE:

10-Q
May 11, 2009
10-K (2 sections)
Mar 16, 2009

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