Finance

Futurewave Finance was started by former FHLBank-Chicago executive Steve Thomas, as part of a personal mission to do more to help underprivileged communities.

The number of sellers it works with in the correspondent channel has grown due to pending capital requirements affecting larger depositories' interest in loans.

Large language models were a big part of the discussion during the company's earnings call on Thursday.

Even though it is less than two years since it allowed Fannie Mae and Freddie Mac to accept such valuations, it is difficult to evaluate their effectiveness without such examinations.

The company posted third-quarter profits of $194 million but gave no details about a potential split of its mortgage business.

CEO Scott Sanborn said it's unclear when demand from banks to buy the fintech's loans will return.

The Hicksville, New York, company beat analysts' expectations on net interest income, but a pair of souring office loans contributed to a 68% increase in nonperforming loans from the prior quarter.

The company took another net loss but some of its numbers improved as it slashed expenses and prospects improved for distressed loan services.

News of President Chris Marshall's planned departure at year-end 2024 came amid reports of net servicing gains and the start of a capital raise for an MSR fund.

Home equity investment (HEI) agreements homeowners receive upfront cash payments in exchange for giving an investor a stake in the property and the right to collect returns.

Speaking on a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia, the JPMorgan Chase chief voiced doubts that central banks and governments around the world could manage the economic fallout from rising inflation and slowing global growth.

The nation's biggest real estate franchisor also shed almost $300 million from its over $2.5 billion in company debt.

The company's builder and mortgage banking segments both ended up in the black, as sales for new constructions outperform the existing-home market.

The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.

Though home mortgage issuance has slumped in line with originations, new potential bank capital rules and increased consumer debt consolidation could boost activity for these two subsets in the secondary market.

Households shelled out 5% more to upgrade their properties compared to a year ago, but volume will decline by almost 8% over the next 12 months, according to Harvard researchers.

While the company's long-term issuer default rating has slipped a little, affiliates of Blackstone that have a higher one back the reverse mortgage player.

Unlike some banks that reported earlier, the subsidiary of PlainsCapital Bank saw its gain on sale decrease from the second quarter.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

While on the positive side, Fannie Mae CEO Priscilla Almodovar said the loan defect rate has dropped 75%, she and Freddie Mac President Michael Hutchins noted that they're closely examining disruptive servicing transfers and standards for multifamily properties.