Pennymac profit drops in Q2 as rates bite, layoffs follow
Pennymac posted Q2 net income of $22 million, down 84% YoY, as lock volume fell 18% and adjusted ROE slipped to 7%.
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As CCM is poised to win the TWO bidding war, an integration test awaits
With CrossCountry Mortgage’s deal to acquire Two Harbors Investment Corp. one step closer to the finish line after securing shareholder approval, the focus is shifting to what may be the next major challenge: integrating the businesses.
FHA proposes partial claim model that drops subordinate liens
The Federal Housing Administration (FHA) is proposing a new structure, called Reinstatement Advance Payment (RAP), that would change how servicers document and service partial claims and payment supplements.
Synergy One to take over Newrez distributed retail mortgage operations
Synergy One will assume Newrez’s distributed retail business, as Newrez doubles down on JVs and direct channels in a bid for long-term growth.
VA loan fee hike proposal advances in Congress, drawing industry pushback
Legislation moving through Congress would increase fees on U.S. Department of Veterans Affairs loans, creating a new flashpoint for the mortgage industry.
With Warsh’s Fed overhaul, mortgage rates face a new risk
Federal Reserve Chair Kevin Warsh’s new framework for the U.S. central bank carries significant implications for the mortgage industry and broader housing market.
Saluda Grade brushes off macro concerns to bet on home equity resilience
Alternative investment firm Saluda Grade doesn’t see the interest rate environment or the current signals of consumer financial stress taking the shine off home equity assets anytime soon.
White House taps Brian Johnson to lead CFPB
The White House has sent the nomination of Brian Johnson to serve as director of the Consumer Financial Protection Bureau (CFPB) to the Senate, according to a notice filed on Wednesday.
MBA launches forum for reverse mortgages, senior lending
The Mortgage Bankers Association (MBA) on Tuesday announced the launch of a new member forum dedicated to reverse mortgages and other senior-focused mortgage products.
Mortgage and real estate battle for the top of the funnel
With interest rates in a higher-for-longer environment, mortgage and real estate companies have realized that long-term survival requires market share growth via M&A.