The number of homeowners who can reduce their monthly payments by refinancing hit a multi-year high as mortgage rates continue to weaken, new industry data found. The 30-year fixed-rate mortgage fell to 6.17% the last week of October, and as a result, the number of highly qualified refinance candidates, homeowners with at least a 720 […]
Refi opportunities hit 3-year high as rates ease Read More »
By Oct. 1, the first day of the federal government shutdown, mortgage subservicer Loancare was already fielding calls from borrowers asking what it meant for them and whether forbearance or other relief options were available. Consumers may have been more optimistic then. By Nov. 7, the shutdown had entered Day 38, concern was growing. How
How some mortgage servicers have handled shutdown fallout Read More »
Title and real estate services company Stewart Information Services Corp., owned by SISCO Holdings, has entered into an agreement to acquire the mortgage services of property preservation provider Mortgage Contracting Services (MCS) for $330 million. The transaction, announced Friday, expands Stewart’s suite of services in the property preservation arena, which supports default servicing, while providing
Stewart acquires MCS’s mortgage services business for $330 million Read More »
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 »