Finance

Ocwen Financial's preliminary second-quarter results put it back in the black, and it is positioning its growing distressed-servicing expertise and pandemic-induced exposures as a net positive.

Rocket Cos. profits were over 35 times greater than what it disclosed for the first quarter.

The Pittsburgh bank says fewer borrowers are asking for help and that many borrowers who received assistance are making payments again. But with the coronavirus pandemic still raging in much of the country, CEO William Demchak and other bankers are tempering their optimism.

The Minneapolis company said 75% transactions have been handled online since the pandemic hit.

Any intention that Ginnie Mae may have had to slow prepayment rates by changing the rules on RPLs seems to be thwarted by the grim economic reality facing the big banks.

A top Federal Reserve official is issuing a warning about fast-growing and largely unregulated shadow lenders: They were a big factor in why central banks had to save markets earlier this year, and much more needs to be done to assess the risks posed by the sector.

The council created by the Dodd-Frank Act to identify systemic risks launched a review of the market as part of an activities-based approach that shifts focus away from targeting individual firms.

Home purchases in markets outside of cities accounted for some of the San Francisco bank's loan growth. Executives believe this will be a long-term trend because a generous supply of inventory in less populated areas will appeal to buyers.

The banks logged strong year-over-year growth in gain-on-sale margins for mortgage loans.

B. Riley FBR raised its ratings for both Fannie Mae and Freddie Mac to sell from neutral on the possibility the net worth sweep is declared illegal.