The Cassidy banks division, which includes some of the nation’s largest mortgage lenders, has reported a sharp decline in mortgage losses.
Cassidy reported $4.2 billion in losses in the fourth quarter, compared with $5.1 billion a year earlier.
The decline was partly due to the increased cost of capital in recent years, but also due to lower interest rates and the ongoing global economic slowdown, said the statement.
The banks division has been operating under a new chief executive, Paul Dufour, who took the helm in August.
The bank, which is not affiliated with the U.S. government, has also been focusing on improving customer service and better managing customer cash flow, according to a news release.
The company said the results were driven by lower rates, the continued economic uncertainty, lower mortgage rates and a new focus on managing the risk of new credit-card transactions.
“While we are continuing to drive the improvement in our mortgage portfolio, it is not a problem,” said Jeff Sadowski, president of the division.
“The losses are not a concern for our customers.”
Mortgage lender Cassidy Bank in Chicago.
Cassiness Bank in Minneapolis.
Cassy’s is among the most well-known mortgage lenders.
It is a division of the U-S Bank Group, the second-largest mortgage lender in the U, and it was founded in 1877.
It has operations in the United States, Canada, the United Kingdom, and South Africa.
The U-C Bank Group operates the UCL Bank Group and U.K. Mortgage Services, which are the two biggest mortgage lenders in the world.
Cassity Bank said it expects to post its full year results later this month.
U-CC Bank said in a statement that the company’s results reflect the continued growth of its customer base, as well as the positive impact of a stronger dollar and stronger economic environment on mortgage lending activity.
“We expect the overall results of the quarter will be comparable to our 2016 results,” the statement said.
The Cassy banks division includes some the nation´s largest mortgage borrowers, and is owned by a group of banks that include Countrywide Financial Group and National City Bank.
CassY Bank reported losses of $3.1 million, down from $4 billion a quarter earlier.
It said the decrease was due to higher interest rates, higher mortgage rates, and the global economic environment.
The results were partly due a lower interest rate environment in recent times, but the loss also came as a result of the increased costs of capital, the statement continued.
Cassydays latest results are expected in early March.
Last year, the Cassy Banks division posted a loss of $1.4 billion, the company said.