Finance

Issuance of capital market instruments aimed at protecting one government-sponsored enterprise from distressed mortgage credit events staged a relatively quick rebound in 2020, a new Federal Housing Finance Agency report shows.

With little transitional disruption, the bigger players on the non-agency side could gain a hefty share of non-owner-occupied mortgage volume as a result of Fannie Mae and Freddie Mac’s caps on such purchases, a KBRA analysis finds.

The deal was constructed under Angel Oak’s social-bond framework, in which the firm intends to use the proceeds to help finance residential loans for underserved borrowers.

Companies in the government mortgage market that serves low income, entry-level buyers are facing higher forbearance rates and more financial strain than others, making homeownership increasingly unattainable as credit remains tight.

The newly public company expects a 20% overall loss in adjusted earnings this year.

Expansion of an existing translation clearinghouse is among steps that could be taken, the Mortgage Bankers Association suggested in a letter sent to the leaders of the House Financial Services Committee on Wednesday.

Guild announced the $196.7 million acquisition after reporting that it more than doubled its net income in the first quarter, compared to the last three months of 2020.

Despite a 1Q decline in origination volume, Chairman Mat Ishbia is optimistic for the second quarter, saying the company received 17,000 more submissions in April's higher interest rate environment than it had in February.

After massive fundraises and IPO rumors swirled, the originator and servicer announced it will merge with Aurora Acquisition Corp. and go public in the fourth quarter of 2021.

Altisource Portfolio Solutions’ bottom line took a larger hit in the first quarter compared to Q4 2020, causing the company to cut costs.