After CrossCountry Mortgage matched its $12 per share cash offer for Two Harbors Investment, UWM Holdings raised its bid by 50 cents, saying it provides “clearly superior value.” Processing Content The latest bid was disclosed Monday morning before the markets opened. However, for those looking to take the stock option, this has remained unchanged at […]
UWM raises Two Harbors offer again, this time by 50 cents Read More »
The latest decision in the closely watched Cantero v. Bank of America case related to preemption of New York escrow rules supports the institution, but it’s unlikely to be the final say. Processing Content The ruling on remand in the U.S. Court of Appeals for the Second Circuit found that preemption should prevail because state
New Cantero escrow ruling backs preemption in split decision Read More »
CrossCountry Mortgage has equaled UWM Holdings’ $12 per share offer for Two Harbors Investment, an increase of 70 cents from the agreed to transaction. Processing Content Previously, the Two Harbors’ board rejected the latest entreaty from UWM. But the change likely reflects, among other things, the elevated Two Harbors stock price since this bidding war
CrossCountry raises its Two Harbors bid to $12 per share Read More »
Rocket Cos. came oh-so-close to reclaiming the top spot among mortgage originators in the first quarter. Processing Content The company, which acquired Redfin and Mr. Cooper last year, had closed loan volume of $44.7 billion. Its Detroit rival, United Wholesale Mortgage, ended the period with $44.9 billion. Pennymac trailed with $37 billion. But when asked
Rocket nearly tops UWM with $44.7B in recapture-driven volume Read More »
U.S. home equity levels pulled back to start the year, with the number of underwater mortgages now at its highest point since early 2022, according to real estate data platform Attom. Processing Content The share of seriously underwater properties across the U.S. increased to 3.2% in the first quarter, Attom researchers said in a new
Underwater mortgage rate hits 4-year high mark Read More »
Last year’s update in the Federal Housing Administration’s “waterfall” of actions servicers must take when borrowers go delinquent is creating a surge in trial modifications that presents a particular concern for less sizable players. Processing Content Under the previous pandemic rules, distressed FHA-insured borrowers could repeatedly request assistance with partial claims that reduce payment size
How FHA’s new loss-mit rules are squeezing servicers Read More »
UWM Holdings, locked in a battle with CrossCountry for Two Harbors Investment, had a banner first quarter, with GAAP net earnings of $170.4 million. Processing Content This compared with $165.5 million in the fourth quarter, and a net loss of $247 million for the first quarter of 2025. Addressing the transaction, Chairman, CEO and President
UWM posts strong Q1 in the midst of Two Harbors battle Read More »
Higher pretax income from its originations business in the first quarter versus comparative period was offset by lower earnings related to servicing for PennyMac Financial Services. Processing Content The company reported net income of $82.3 million for the first quarter. This compared with $106.8 million for the fourth quarter and $76.3 million for the first
PennyMac 1Q profit falls as servicing drags on results Read More »
CrossCountry Mortgage has put out its own response to the latest statements from UWM Holdings regarding the financing conditions of their respective offers for Two Harbors. Processing Content UWM has made a cash or stock offer, but only the cash portion is for a set price of $12 per share. Meanwhile Two Harbors has an
CrossCountry responds to UWM’s comments on TWO deal Read More »
Onity Group announced downscaled servicing-rights sales in its Finance of America agreement and reported a drop in earnings due to interest rate and delinquency-related pressures on Tuesday. Processing Content Net income to common shareholders was $7 million, compared with a S&P Capital IQ Pro consensus estimate of $17.8 million. Onity had earned $126 million in
Onity Group reduces scope of Finance of America pact Read More »