Crain’s Detroit Business, Aug. 1, 2023-Nick Manes (subscription)Southeast Michigan is officially down one mortgage lender.https://www.crainsdetroit.com/banking-finance/home-point-mortgage-lender-acquisition-mr-cooper-complete
Category: Top National News
U.S. Consumer Confidence Jumps to Two-Year High as Inflation Eases
Associated Press, July 25, 2023–Paul WisemanU.S. consumer confidence shot to the highest level in two years this month as inflationary pressures eased and the American economy continued to show resilience …
What Fed Hikes? Much of America’s Consumer Debt Is Still Riding Ultralow Interest Rates
Wall Street Journal, July 27, 2023-Rachel Louise Ensign (subscription)In the depths of the pandemic, Alex and Cynthia Durbin refinanced their mortgage at 2.75%. They built up their savings by spending less, then …
FHA’s Face-to-Face Servicing Requirement Could Be Dropped
Inside Mortgage Finance, July 31, 2023–Monica Hogan (subscription)HUD noted that over the years many lenders have moved away from a model of local origination and servicing offices to more centralized …
PennyMac Profitable in 2Q Despite Servicing Rights Hit
National Mortgage News, July 28, 2023–Brad Finkelstein (subscription)PennyMac Financial Services has room to grow in both the correspondent and wholesale channels, even as both of those reported higher production on …
Mr. Cooper Shores Up Liquidity Ahead of Pending Capital Rule Changes
National Mortgage News, July 26, 2023–Bonnie Sinnock (subscription)Mr. Cooper reported that it amassed near-record levels of liquidity in the second quarter as it braces for potential changes to bank capital …
Mr. Cooper Boosts Q2 Profits to $142M as Servicing Business Grows
HousingWire, July 26, 2023-Flávia Furlan Nunes (subscription)In acquisition mode, Mr. Cooper Group continued to improve its profitability, beating analysts’ expectations in the second quarter of 2023.https://www.housingwire.com/articles/mr-cooper-boosts-q2-profits-to-142m-as-servicing-business-grows/
How Climate Change Could Cause a Home Insurance Meltdown
NPR, July 22, 2023–Michael Copley, Rebecca Hersher, Nathan RottHundreds of thousands of California homeowners face the state’s growing climate threats with a weaker safety net. Over the past two years, …
Bank Regulators Urge Flexibility in Commercial Real-Estate Loan Workouts as Defaults Grow
Wall Street Journal, July 24, 2023-Peter Grant (subscription)Bank regulators are taking a page from their playbook of the 2008-09 financial crisis to help lenders weather the approaching tidal wave of …
Deal to Purchase Home Point Capital Delayed
National Mortgage Professional, July 24, 2023-Christine StuartMr. Cooper Group’s offer to purchase Home Point Capital is being extended until July 31. https://nationalmortgageprofessional.com/news/deal-purchase-home-point-capital-delayed