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The Hammond Co., a Newport Beach mortgage...

The Hammond Co., a Newport Beach mortgage banking firm, posted a net loss of $513,000 for its fiscal first quarter, ended June 30, more than double the $243,000 loss reported in the same quarter last year. Quarterly revenue fell 10% to $4.5 million this year from $5 million last year. Thomas T. Hammond, the company’s president, attributed the quarterly loss to reduced sales of loan-servicing rights. He said the company expects to recoup the loss and turn a profit in the second quarter. Hammond directors also elected William P. Foley II as a director, expanding the board to eight members. Foley is chairman of Fidelity National Financial Inc. in Irvine, which bought a 16.3% stake in Hammond last month. That stake grew to 20% after the company completed a tender offer to retire one-fifth of its shares.


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