Finance

Strong mortgage and capital markets activity helped offset credit costs and one-time items in the third quarter at Citizens Financial Group. In a period of low rates, CEO Bruce Van Saun says he’d like to buy more fee-generating businesses.

The company expects to get between $17 and $19 per share.

A surge of mortgage originations allowed Ginnie Mae to surpass its high watermark for mortgage-backed security issuance by nearly 33%.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

But current owner Blackstone and FOA management will keep 70% of the company after its merger with a SPAC.

The San Francisco bank reported record loan originations thanks to explosive growth in single-family home loans, and profits beat analysts' expectations.

Earnings increased by 81% year-over-year as its gain-on-sale margins grew nearly 2.5 times.

Record-low interest rates, high origination volumes and social distancing created a perfect storm for mortgage fintechs like SnapDocs and LoanSnap to score a cash infusion.

The recent decrease in the rate at which current loans became impaired could further encourage the cautious return of the non-QM market currently underway.

The expanded relief on tax income data will become accessible this fall, according to a press release LoanBeam issued this week during Freddie Mac's Connect client conference.

The Consumer Financial Protection Bureau's overhaul of its Qualified Mortgage standard is alarming free-market advocates who say it will precipitate a return to easy credit and higher defaults and could disproportionately harm minorities.

The government-sponsored enterprises set a Sept. 30 deadline for sellers to accept applications for Libor adjustable-rate mortgages.

If mortgage lenders need to learn anything from the pandemic, it is relying on a single source for any service could disrupt their activities.

The deal consists of 11,673 nonconforming first-lien mortgages, of which nearly all have been previously modified. Approximately 7% are in COVID-19-related forbearance.

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

MCS isn’t the only distressed mortgage services entity gaining interest from investors as poor economic conditions threaten more hardships for homeowners.

If the tally included loans with some form of payment relief, the rate would be close to 8%.

Low rates and intense competition might lead some banks to ease underwriting standards in 2021, when the economy may not yet have recovered.

The notes are backed by $456.9 million in high-balance loans that meet qualified mortgage standards, according to ratings agency presale reports.

Kroll's $2 million settlement with the SEC over failing to adhere to credit-rating standards for CMBS and CLO bonds are fueling concerns that rosy credit grades are masking deeper structural problems with the securities exposed by COVID-19 related stresses, say critics.