UWM Holdings had its strongest production quarter since the pandemic-fueled 2021, beating its own guidance, taking advantage of a brief window where rates fell in September. “Although I don’t know if you guys recognize it, but it was a dominant, dominant quarter,” Mat Ishbia, chairman, CEO and president said on the earnings call. The company […]
UWM posts best production quarter in four years Read More »
Onity Group posted its best quarter for funded loan volume and shed a troublesome subservicing portfolio, in another steady quarterly performance. The lender and servicer Thursday posted net income attributable to common shareholders of $18.7 million, down from the $21.5 million and $21.4 million profits of the quarter- and year-ago periods. Its latest adjusted income
Onity posts steady profit, sheds Rithm subservicing deal Read More »
Newrez subsidiary Shellpoint Servicing finds itself at the center of another class action lawsuit surrounding the attempted collection of a second “zombie” mortgage originated prior to the Great Financial Crisis. In documents filed in a Virginia federal court in late October, attorneys for former homeowner and plaintiff Mariel Castellon claimed the company made attempts this
Newrez faces another zombie-seconds class action filing Read More »
Innovative technology could be a key determinant of whether servicers have competitive expense controls that are crucial in the current market, according to executives at mortgage fintech Livegage. “Mortgage servicing is hard. There’s a lot of focus on the cost and the margins. It’s not an easy business to be in,” said CEO Anupam Sarwaikar.
How servicers can control costs in a tough market: Livegage Read More »
The mortgage industry is seeing another merger-and-acquisition deal, with Carrington Holding Co. adding a new channel to its mix through its purchase of a suburban New York-based residential lender. The owner of several businesses providing services to the real estate and mortgage industries, Carrington announced an agreement to acquire Reliance First Capital from its parent
Carrington inks deal to acquire Reliance First Capital Read More »
Rocket Companies swung back to a GAAP net loss in the third quarter as the company finalized its first of two major purchases, the acquisition of Redfin, during the period. The Mr. Cooper transaction, the larger of the two, did not close until Oct. 1, but included in the current results was the previously disclosed
Rocket’s Q3 dips into the red amid deal costs Read More »
Camila Silva is highly organized and detail-oriented, especially when it comes to paying her bills on time — including the mortgage on her townhouse in the quiet outskirts of Washington D.C. Car, utility and mortgage payments are all color-coded in the calendar on Silva’s phone. Since the origination of her home loan in 2021, Silva
Loan onboarding challenges reveal servicing pain points Read More »
Newrez posted a fourth straight quarterly profit, as parent company Rithm Capital pointed to a new servicing deal with Wells Fargo and falling interest rates as drivers of recent momentum. Technology, particularly investments in artificial intelligence, also paid dividends that drove profits for Newrez, said the lender’s President Baron Silverstein. “Even with increased production, our
Newrez posts fourth straight quarterly profit Read More »
Freddie Mac, like larger counterpart Fannie Mae, reported another profitable quarter that could fuel more interest in a potential new public offering for some of their shares. The government-sponsored enterprise earned $2.8 billion in net income during the quarter, compared to $2.39 billion the previous fiscal period and $3.11 billion a year earlier. The pattern in
Credit provision shifts drive Freddie Mac’s earnings Read More »
In September, mortgage delinquencies rose compared to the month before and September 2024, new industry data shows. The most notable jump came in late-stage delinquencies, 90-119 days past due, which hit the highest level since January 2020 and saw the largest year-over-year increase among all credit products from 0.16% to 0.18%, according to the latest
Delinquencies rise, signaling borrower pressure Read More »