Eric Lee/Bloomberg Ginnie Mae and Federal Housing Administration officials acknowledged concerns about a surge in delinquencies stemming from an FHA rule change, indicating they do foresee a date when it ends. Processing Content Pressure appears to be on track to let up later this year, Ginnie President Joseph Gormley told attendees at the Mortgage Bankers […]
Ginnie Mae foresees a day when FHA waterfall impacts end Read More »
Analysts at Keefe, Bruyette & Woods (KBW) said UWM Holdings Corp., the publicly traded parent company of United Wholesale Mortgage (UWM), is positioned for continued growth despite elevated interest rates. It points to expanded broker market share, in-house technology investments and a push to bring mortgage servicing operations fully in-house. In a research note published
KBW says UWM is well positioned despite market pressures Read More »
Standard & Poor’s has found that VantageScore 4.0 and classic FICO produce similar enough results when used to assess credit risk that mapping between them could be done to incorporate the former into rating models based on the latter. Processing Content To test this, S&P modeled theoretical loss coverage and foreclosure frequency rates for a
S&P says VantageScore 4.0 could work for MBS ratings Read More »
CrossCountry Mortgage is sweetening its deal for Two Harbors as it continues to best United Wholesale Mortgage’s offer. Processing Content The retail player Thursday said TWO stockholders will receive a pro-rated dividend for the quarter in which CrossCountry’s acquisition closes, subject to funds being legally available. The move would provide additional cash value of up
CrossCountry ups TWO offer in bidding war with UWM Read More »
Foreclosures fell in April compared with March, but still posted an annual gain for the 14th straight month, Attom reported Thursday. Processing Content Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were reported on 42,430 properties in the United States last month, down 8% from the month prior but up 18% from
Foreclosure filings up 18% from a year ago Read More »
The surge in delinquencies on Federal Housing Administration-insured loans transitioning away from pandemic leniencies drove dramatic divergence in the performance of different product types, according to the Mortgage Bankers Association. Processing Content A large 126 basis-point annual increase in FHA delinquencies to 11.88% pushed the total seasonally-adjusted rate for arrears for all loans up 40
FHA spike drives delinquency spread to widest point in years Read More »
Rocket Mortgage is suing United Wholesale Mortgage for $100 million in damages, over the rival’s alleged refinancing of loans it sold to Mr. Cooper. Processing Content The breach of contract complaint filed Thursday in a New York state court is the first lawsuit between the industry leaders. Rocket points to past promotions and comments by
Rocket sues UWM for $100 million in Mr. Cooper MSR fight Read More »
Household debt inched up to another record high in the first quarter even though nonmortgage-related debt drifted lower with a seasonal decrease in credit card balances due in part to tax refunds. Processing Content Housing finance obligations rose, driving total debt up by $18 billion to $18.8 trillion during the period, according to an analysis
Household debt at a high, risks lurk beneath stable arrears Read More »
The Two Harbors board of directors has rejected the updated hostile bid UWM Holdings made for the company, despite being 50 cents more per share than CrossCountry Mortgage is paying. Processing Content UWM’s latest offer of $12.50 does not constitute a “company superior offer,” the Two Harbors press release said. The rejection notice said the
Two Harbors rejects UWM’s hostile $12.50 offer Read More »
Rithm Capital has announced a 144A senior note deal that could help NewRez’s corporate parent manage its balance sheet. Processing Content Rithm, which owns a large-scale servicing and lending operation via NewRez, has announced a $500 million note offering for qualified institutional buyers that may be used to repay secured debt. The unsecured debt offering
NewRez parent Rithm Capital preps note offering Read More »