A coalition of lenders, servicers and lienholders are challenging a new state law on zombie seconds, arguing it will increase the cost of financing and limit homeowners’ access to equity. The California Mortgage Association and 11 other plaintiffs sued California Attorney General Rob Bonta in September, asking a federal judge to halt enforcement of the […]
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Two, a mortgage real-estate investment trust, reported a third-quarter loss as it absorbed previously announced settlement costs while also releasing news of some volume gains in subservicing and originations. RoundPoint’s corporate parent reported a net loss to common shareholders of almost $141.25 million or nearly $80.21 million on a comprehensive basis. Common shares’ second quarter
Two takes a loss on settlement, emerges with ‘clean slate’ Read More »
Fannie Mae Senior Vice President Jake Williamson will fill in as the single-family division’s chief and Tom Klein will temporarily take on general counsel responsibilities as those who previously held the positions depart. Executive Vice President Malloy Evans’ departure from the single-family post and Danielle McCoy’s exit as general counsel follow other changes at the
Fannie Mae names Jake Williamson acting single-family head Read More »
The mortgage market could be on the cusp of a bigger turnaround. The industry, already enjoying declining interest rates, is approaching a rate threshold that could unlock more refinance volume, said Andy Walden, head of mortgage and housing market research at Intercontinental Exchange. “An eighth of a point move, that little mini-move, gave us about
ICE’s Andy Walden: FHA performance a “yellow flag” right now Read More »
The mortgage market remains largely resilient — with delinquencies and foreclosures still below long-term averages — even as performance among Federal Housing Administration (FHA) loans continues to weaken. That’s according to ICE Mortgage Technology’s First Look report on September mortgage performance data. The data, released Friday, show the national delinquency rate — loans 30 or
ICE’s First Look report shows mortgage performance is strong despite FHA strain Read More »
Mortgage performance remained strong in September despite Federal Housing Administration loans driving up total foreclosures, according to new industry data. Overall foreclosure volume remained historically low, with foreclosure sales reaching 21,000 in the third quarter this year, roughly half of 2019’s pre-pandemic levels, according to a report from ICE Mortgage Technology. FHA loans accounted for
FHA foreclosures drag down strong mortgage performance Read More »
Old Republic is set to acquire a major insurer of small farm owners and select commercial agricultural operations. The specialty insurer bought Everett Cash Mutual Insurance Co. and affiliated companies for an undisclosed number, following its conversion to a stock company in a sponsored demutualization transaction. “With ECM’s ‘narrow and deep’ expertise in the farm
Old Republic to acquire major farm owners insurer Read More »
U.S. homeowners saw their available equity pull back in the third quarter, contributing to an upward creep in the percentage of underwater mortgages, according to a new report. Approximately 2.8% of mortgaged properties in the country were considered seriously underwater during the quarter, maintaining a year-long trend, according to real estate data provider Attom. The
Housing market sees downward creep in home equity levels Read More »
As thousands of borrowers potentially face job interruption resulting from the government shutdown that’s disrupted some loans, the housing finance industry is working to identify the right messaging and resources to keep payments and originations on track. With a Congressional Budget Office report pegging the number of jobs impacted at 750,000, mortgage businesses are offering
How mortgage companies aim to aid borrowers amid shutdown Read More »
Pennymac’s financial services unit built profits as it produced consistent consecutive-quarter loan volume and reduced servicing valuation-related losses in a market with lower rates, but it fell short of some consensus expectations. The $181.5 million in net income recorded under generally-accepted accounting principles topped the previous quarter’s $136.5 million and $69.4 million a year earlier,
Pennymac financial services unit improves profitability Read More »