Key insight: Comptroller Jonathan Gould referenced the Office of the Comptroller of the Currency’s founding by Abraham Lincoln as the basis for federal preemption policy. Forward look: He said the OCC will continue to file briefs with federal courts on the subject so that there will be a robust record to shore up the agency’s […]
OCC’s Gould doubles down on state preemption Read More »
Key insight: Eight civil rights nonprofits have urged a federal court to reject a proposed settlement between the Department of Justice and developer Colony Ridge, arguing an immigration enforcement clause in the settlement is “unlawful.” What’s at stake: The underlying lawsuit targeted a “foreclosure mill” that sold undeveloped, flood-prone land to Hispanic buyers at 10%
Advocates urge judge to block $68m Colony Ridge settlement Read More »
Government loan performance issues prompted tighter underwriting in the past month but credit availability expanded in other parts of the market, according to a Mortgage Bankers Association analysis. Processing Content Availability in the jumbo sector, which includes loans made outside of the regulatory definition for a standard “qualified mortgage,” expanded 2.9%, the Mortgage Credit Availability
Credit diverges: Jumbo rises, FHA slips Read More »
UWM Holdings put out a press release late on March 9, which it said was timed in advance of the Two Harbors shareholder meeting for its acquisition, scheduled for March 16. Processing Content “Even without the Two Harbors transaction, we now expect our total revenue for the first quarter of 2026 to be between $800
UWM boosts 2026 revenue outlook ahead of Two Harbors vote Read More »
Newrez, Pennymac and Rate are rolling out new products that signal a flurry of activity across the mortgage market. Processing Content The timing might be coincidental for most of these announcements, but loanDepot’s announcement it was restarting wholesale production has changed the competitive landscape for the wholesale sector in particular. Newrez has title insurance alternative
Newrez, Pennymac, Rate roll out fresh offerings Read More »
Less than two years after parent company, Onity Group, undertook its own rebranding initiative, its lending unit PHH Mortgage is taking the same name. Processing Content The West Palm Beach, Florida-based company announced plans to rename the home lender and servicer with the intent of providing continuity and consistency across businesses. Onity Mortgage will adopt
Onity rebrands PHH Mortgage to align with parent company Read More »
Sales of previously owned US homes unexpectedly rose in February and the prior month was revised up, helped by a decline in mortgage rates and modest growth in asking prices. Processing Content Contract closings increased 1.7% to a 4.09 million annualized rate, according to National Association of Realtors data released Tuesday. The pace exceeded nearly
Existing-home sales increase as affordability improves Read More »
Bill Ackman is returning to the IPO market with a combined offering for his hedge fund manager and a new closed-end fund, the latest move in the billionaire’s long campaign to expand his asset management empire to public market investors. Processing Content The initial public offering for Pershing Square USA Ltd., the closed-end fund, would
Ackman’s Pershing Square seeks up to $10 billion in NYSE IPO Read More »
Mortgage rates dropping to a three-year low last month drove up lock activity, specifically among purchase borrowers. Processing Content Total rate-lock volume increased 9% month over month and nearly 40% on an annual basis, according to Optimal Blue’s latest Market Advantage report. Purchase lock activity rose more than 14% from January and 5% compared with
Purchase locks jump as rates dip in February Read More »
Former Sprout Mortgage workers are dropping their long-running lawsuit to recoup lost wages from the failed lender. Processing Content Attorneys for plaintiffs told a federal court last week they intend to file a voluntary dismissal, which would end the nearly four-year-old case. The expected wind down wraps a difficult journey for the laid-off workers, who
Fired Sprout workers to drop class action seeking lost wages Read More »