Finance

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

While the first quarter is typically the weakest period for the title business, the sector benefited from strong refinance volumes that were driven by low interest rates.

While the product was hard to find after the start of the pandemic, the Consumer Financial Protection Bureau’s recent changes to Appendix Q are giving a pair of large wholesalers the chance to offer it as a qualified mortgage.

The company is shifting some of its conforming-focused call center resources not just into the growing non-QM channel but to Veterans Affairs products as well.

The real estate investment trust has been buying residential business-purpose loans from the company since 2017.

The company touted its investments in the wholesale channel while also reporting a slight quarterly drop in overall originations and gains on sale during an earnings call this week.

Fluctuating rules are redirecting some government-related loans to a disparate private market.

The company aims to use the additional capacity to get its non-qualified mortgage business back to producing $125 million per month, and anticipates more purchases of mortgage servicing rights, representatives said in its Q1 earnings call.

The 30-acre luxury retail development is among four investment-grade-worthy loans included in the multiborrower deal.

Loans bought on the secondary market have become increasingly important as borrower demand has ebbed and companies have sought to obtain mortgages through additional outlets to maintain production levels.

Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.

The unusually strong production numbers seen in the first quarter of this year show loanDepot is emerging as a contender in the battle for loan volume and market share amid an industry price war.

The mortgage insurance business had adjusted operating income of $126 million in the first quarter, down from $148 million one year ago.

Hedge accounting will align Fannie’s reporting with competitor Freddie Mac, and will address a mismatch between the recorded value of financial instruments used to offset interest-rate volatility on mortgages and the loans themselves.

The West Palm Beach, Fla.-based lender sees an opportunity for even more growth after its deal to acquire a servicing portfolio from Texas Capital Bank.

The company says its first quarter net income nearly doubled from its showing in Q4 2020, due in part to cost-cutting and servicing income. It also revealed more information about unauthorized payment drafts by its vendor.

Only $89 billion of the $362 billion in new single-family volume came from purchase mortgages.

The Consumer Financial Protection Bureau has moved ahead with an earlier proposal to postpone the full adoption of the qualified-mortgage ability-to-repay rule, citing a need to maximize borrowers' credit access.

A new commercial-mortgage loan for seven facilities operated by the self-storage REIT is the largest of 41 loans in the conduit deal.

System updates, which may be a result of changes to the Preferred Stock Purchase Agreements, have Community Home Lenders Association members saying loans that were approved previously are getting rejected when put back through.