Guild Mortgage Investments reported that net income rose by 60% to $723,000 for the third quarter, up from $450,000 for the third quarter a year earlier. Third-quarter revenue rose to $6.6 million from $1.2 million.
Guild Mortgage Investments, which became a public company during the third quarter of 1986, ended the nine-month period with a $2.5-million net profit and $17.5 million in revenue.
The company recently discontinued the purchase of new loans because of "a sharp decline in available loan product due to rising loan interest rates," spokesman Michael Eustis said. Guild Mortgage Investments will not begin purchasing mortgages again "until and unless there is sufficient volume to effectively issue mortgage collateralized bonds."