There were 11 of the 17 Mortgage Industry Equity Composite stocks that closed higher than they did on Monday. Leading the way on a percentage basis was Ellie Mae, up over 2.5%. CoreLogic was up over 2.2% while Bank of Hawaii gained nearly 2%.
KB Home saw its stock price slide over 2%, with Home Loan Servicing Solutions down over 1% and Bank of America down nearly 1%.
In news involving a non-MIEC stock, before the market opened New York Mortgage Trust priced a 10 million share secondary offering at $6.81 per share. On Monday, the stock closed at $7.04 per share.
It traded on Tuesday between $6.75 and $6.82 per share before closing down 3.6% to $6.79.
NYMT intends to use a majority of the net proceeds to acquire distressed residential loans. It will invest the remainder in multifamily commercial mortgage-backed securities, mezzanine loans to (and preferred equity investments in) owners of multifamily properties and certain of its other targeted assets.