RE: RE: Results for 1st QuarterThat was a barn burner. Given the low guidance from last December and the continued weak housing markets, no one was expecting results like that. Turns out that reduced competition is a bigger factor than the weak housing market. Gerry mentioned that one competitor had non-performing of 4-5%. Not sure who that was. ETC came in with a very low number.
The best part is that they're projecting over a billion in originations in Q2 (versus 725 in Q1).
Analysts seem to have been caught off guard and were a little sulky. I don't think I heard any "congratulations on a great quarter" which is how they've often started out in the past.