Newcomer Dan Henry Leads Pasadena-Based Green Dot Into Its Next Chapter

By on June 12, 2021

first_img Make a comment Name (required)  Mail (required) (not be published)  Website  Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Your email address will not be published. Required fields are marked * CITY NEWS SERVICE/STAFF REPORT Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Business News Newcomer Dan Henry Leads Pasadena-Based Green Dot Into Its Next Chapter By ANDY VITALICIO Published on Wednesday, May 13, 2020 | 1:32 pm Subscribe 59 recommended0 commentsShareShareTweetSharePin it STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Business News Herbeauty9 Of The Best Family Friendly Dog BreedsHerbeautyHerbeautyHerbeautyWeird Types Of Massage Not Everyone Dares To TryHerbeautyHerbeautyHerbeautyFinding The Right Type Of Workout For You According AstrologyHerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyFollow This Summer Most Popular Celeb Beauty TrendHerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeautycenter_img Top of the News More Cool Stuff faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Darrel Done BusinessVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes STAFF REPORT First Heatwave Expected Next Week Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Dan Henry, Green Dot’s Chief Executive Officer and President. (Photo: Business Wire)Dan Henry, the new CEO and President of Pasadena-based financial technology and bank holding company Green Dot Corporation, said the company will shift to a strategy of relying more on its banking service and less on promoting its traditional products to increase profits, a report in the banking and financial services publication American Banker said.Henry came on board in March to “lead Green Dot into its next chapter,” as former CEO William I. Jacobs said.Jacobs formerly served as interim CEO and continues to serve as Chairman of the Board of Directors.At Green Dot’s first-quarter earnings call Monday, Henry said Green Dot has traditionally launched a new product every year, and then promoted that product. He indicated he wants to reduce marketing spending and instead offer a more consistent product set through its bank subsidiary that customers could use for a longer period of time.“I think what you’re going to see is kind of a philosophical change in the approach in terms of consumer marketing,” Henry said.In the call, Henry said he has been spending the past few weeks since coming on board speaking with the company’s leadership, although most of the engagements have been virtual due to work-from-home requirements.He said he and the leadership team have been working aggressively to eliminate unnecessary expenses, and so far have reduced planned SG&A (selling, general and administrative) expense by close to $30 million for the remainder of the year.“These reductions in expenses will not impact our ability to serve our partners and customers more while we expense reduction hinder our future growth,” Henry said. “Consequently, when we all emerge from this current economic situation, Green Dot will be a leaner, more efficient operation.”Henry made sure Green Dot is not selling its banking subsidiary, Green Dot Bank – also called GoBank and Bonneville Bank – and instead use the asset more to help boost profits.“The intention is to be focused on delivering a consumer banking product that will create lasting value for the mass market consumer in this country,” he said. “We will take full advantage of our bank charter, retail distribution and direct-to-consumer capabilities. I believe the reason we are seeing such an abundance of so-called challenger banks pop up is because both NetSpend and Green Dot squandered their advantages in this space over the past five years. We will be working hard in the coming years to regain that lost ground.”During the call, Green Dot reported first-quarter net income of $46.8 million, down from $64 million in the same period last year. Henry said the company was fortunate to have banked the first quarter before the COVID-19 emergency hit the economy.Green Dot shares have climbed by more than 50 percent since March when Henry was announced to be coming on board as CEO. Early Tuesday, they were trading at $35 per share, up about 14 percent from Monday’s closing, American Banker said in the report. Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Community Newslast_img read more

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Quarterly Gains Reported by Fannie and Freddie

By on May 31, 2021

first_imgHome / Daily Dose / Quarterly Gains Reported by Fannie and Freddie About Author: Eric C. Peck Previous: The Week Ahead: Examining the Climate’s Impact on Housing Infrastructure Next: After 9 Weeks of Steady Improvement, Forbearance Activity Rises Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, Journal, News The government-sponsored enterprises (GSEs) have reported their Q1 financials, with both Fannie Mae and Freddie Mac continuing show strength in a challenging marketplace.In the first quarter of 2021, Fannie Mae reported a net income of $5 billion, an increase over Q4 of 2020’s net income of $4.6 billion. Freddie Mac reported a Q1 net income of $2.8 billion, up slightly over the Q4’s totals of $2.6 billion.“COVID-19 continues to present challenges and opportunities for homeowners and renters,” said Hugh R. Frater, CEO of Fannie Mae. “We had another quarter of near-record mortgage volumes as many took advantage of low rates to refinance or purchase a home. In addition, more than two-thirds of the 1.3 million homeowners with Fannie Mae loans who entered forbearance have since exited, even as we continue to help others find solutions. I’m proud of our steady performance and continuing focus on helping homeowners and renters through uncertain times.”The Mortgage Bankers Association (MBA) estimates that an approximate 2.25 million homeowners remain in forbearance plans nationwide. GSE actions have assisted thousands of Americans remain in their homes during the pandemic through a number of forbearance options and plans.Fannie Mae stated that more than 1.3 million single-family forbearance plans were initiated to help borrowers since the onset of the COVID-19 pandemic; as of March 31, 2021, with approximately 920,000 of these loans having exited forbearance, including nearly 337,000 through reinstatement and 275,000 through Fannie Mae’s payment deferral option.Freddie Mac extended its single-family foreclosure and eviction moratorium covering approximately 12 million homeowners, until at least June 30, and extended forbearance plans to a maximum of 18 months for the approximately 230,000 single-family borrowers remaining in forbearance.“Similarly, we extended COVID-19 related forbearance to qualifying multifamily property owners for another three months to June 30. And, tenants of those properties remain protected from eviction for non-payment of rent,” said Christian Lown, CFO of Freddie Mac. “Overall, we helped hundreds of thousands of at-risk homeowners and renters remain in their homes, while supporting a vibrant U.S. housing finance system that remained a source of strength for the national economy.”Fannie Mae acquired approximately 340,000 home purchase loans and 1.1 million refinance loans during Q1, as scores of U.S. homeowners continued to take advantage of low interest rates in the quarter. Freddie Mac reported new business activity of $362 billion increased on strong home purchase and refinance activity, compared to Q1 of 2020, but declined slightly from Q4 of 2020.“We helped nearly 94,000 families remain in their homes through Single-Family loan workout activity that increased from 11,000 in the prior year quarter, driven by completed forbearance agreements and payment deferrals primarily related to the COVID-19 pandemic,” said Lown.Click here for more on Fannie Mae’s Q1 2021 results and click here for more on Freddie Mac’s Q1 2021 results. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Christian Lown Fannie Mae Forbearance Freddie Mac government-sponsored enterprises (GSEs) Hugh R. Frater Mortgage Bankers Association (MBA) 2021-04-30 Eric C. Peck Demand Propels Home Prices Upward 2 days ago Quarterly Gains Reported by Fannie and Freddie Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago April 30, 2021 739 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: Christian Lown Fannie Mae Forbearance Freddie Mac government-sponsored enterprises (GSEs) Hugh R. Frater Mortgage Bankers Association (MBA)last_img read more

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