Finance

Minutes of the Jan. 25-26 Federal Open Market Committee meeting, released Wednesday, “[tell] us that they will raise the fed funds rate in March, and that a 50 basis point rate hike is in play,” said Gus Faucher, chief economist for PNC Financial Services Group.

Current president Joe Nackashi will become CEO in place of Anthony Jabbour who will be taking the role of executive chairman.

"The quality of our new business is high. The pricing of that business does not reflect the capital requirements of our regulatory rule," CEO Hugh Frater said.

The company wants to redeploy resources into the wholesale mortgage channel that accounts for three-quarters of its production volume.

Monday’s rebound in yields also kicked in a resumption of curve flattening with the gap between 2- and 10-year yield falling almost 4 basis points to about 40.5 basis points.

The companies plan to collaborate on the development of a cloud-native servicing platform, which could result in a stronger competitor to dominant player Black Knight in the marketplace.

About 3.3% of loans in the deal fall into the 600-649 FICO bucket on the current Sunnova Helios VIII, 2022-A, compared with a 1.2% level in the 2021-C deal.

The nation's second largest title insurer reported lower fourth quarter earnings, but the shift to purchase transactions pushed revenue higher.

However, leadership noted that 2021 was the second record year for new single-family mortgages and also discussed how the government sponsored-enterprise plans to further rebuild its capital.

The return of foreclosures could increase enforcement and government-related loan buyers’ return to pre-pandemic plans to increase net worth, liquidity and other standards for counterparties.