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The Los Angeles company says it secured $1.4 billion of cash from a financing facility from Atlas SP Partners after clients drew down an additional 20% of the bank's deposits. Deposit levels have "stabilized," PacWest says.

The Toms River-based lender was supposedly having liquidity issues, according to unconfirmed reports.

Harold Lewis, the former president and chief operating officer of the organization now known as Mr. Cooper, will fill the same role at the company he's joining.

Mortgage professionals are carefully monitoring indicators of whether turbulence in the financial markets will continue to put downward pressure on rates.

Wall Street leaders and U.S. officials discussing an intervention at First Republic Bank are exploring the possibility of government backing to encourage a deal that would shore up the lender, people with knowledge of the matter say.

The firm is the latest mortgage player to distance itself from the turmoil on Wall Street.

The pace of supply coming to market continued its late 2022 slowdown in the first two months of the new year, but greater opportunities may lie in sales of newly constructed properties.

The government-sponsored enterprise took the next step towards allowing lenders to implement its property valuation modernization plans.

Home loan servicers are watching other indicators like chargeoff rates in the auto loan and credit card sector for signs of trouble.

Economists have warned since last summer that speedy monetary tightening could be destabilizing. This week, the Federal Reserve will decide whether to stay on that course.