Finance

Federal Reserve Chair Jerome Powell said the central bank will take the “necessary steps” to get inflation down even if that means increasing interest rates more rapidly than currently anticipated and eventually to levels that slow the broader economy.

The move away from the scandal-plagued London interbank offered rate is going smoothly, according to a new survey of lenders and corporate borrowers. But many customers still face operational challenges ahead of a mid-2023 deadline for switching older loans.

The company claims its digital registry system is a faster, safer alternative to MERS databases

As the rising rates shrink the number of potential customers, mortgage brokers are seeking these products in order to keep business up.

Company management believes it can still be successful in the securitization market despite widening spreads.

A majority of the loans, 63.5%, were designated as non-QM loans, and about 36.5% of the loans in the pool are made to investors for business purposes.

About 30% of U.S. office buildings are at high risk of becoming obsolete as tenants’ tastes change in the hybrid-work era.

Executives speak on the uncertainty created by the Russia-Ukraine war and Federal Reserve announcements.

The current offering of nonperforming loans comes after a similar portfolio sale last month.

Self-employed borrowers accounted for 29.8% of the pool, while loans with co-borrowers and multiple borrowers accounted for 39.9% and 9.8%, respectively.

A vocal section of the market prefers the Fed chair to focus more on reducing bond holdings than quantitative tightening, allowing policy makers to hike interest rates less aggressively as it battles to bring down 40-year high inflation.

The legislation President Biden was expected to sign on Friday heads off an array of potential disruptions for the industry.

Net income declined by over 40% for both the quarter and year due to smaller gain-on-sale margins, but its servicing financials picked up.

Despite the current upheaval in pricing on the secondary market, the company sees its future in non-qualified mortgage production.

The first Senate-confirmed woman to serve as president of the agency wants to involve a wide range of borrowers and mortgage companies in its efforts.

Also named the chairman of Home Point, the onetime single-family EVP’s latest appointment is his third in the past two years.

The current program, which included more than 580 separate operations to buy Treasuries and 1,200 to purchase mortgage-backed securities, has dwarfed all three of the Fed’s previous quantitative-easing programs combined.

As independent mortgage bankers feel a liquidity pinch, portfolio sales such as the one being brokered by Mortgage Industry Advisory Corp. are likely to increase.

Last year’s issuance of securitizations for these non-conforming mortgages was the most since 2007.

Minus the adjustment made to account for stock price declines and goodwill, the company’s countercyclical mix of loan products was profitable, but secondary-market volatility presents a challenge ahead.