Origination

U.S. new-home construction sank at the start of the year by the most since the onset of the pandemic, indicating the recovery in the housing market will be gradual as many buyers await a further decline in mortgage rates.

The New York-based firm said a hack last August compromised the personal identifiable information of 10,835 customers.

Investors have hammered the New Jersey-based lender following the turmoil at New York Community Bancorp. But Valley executives say there are key differences between the two real estate-focused banks, and they express confidence that the bank's underwriting will hold up again this cycle.

The National Association of Home Builders/Wells Fargo gauge of housing market conditions rose by 4 points to 48 this month, according to data released Thursday.

For the first time since mid-December, the Freddie Mac survey reports mortgage rates over 6.7%.

The company was able release credit reserves because of actual and forecasted prices that boosted net income, CEO Priscilla Almodovar said.

The accused, affiliated with Home Matters USA, reportedly took money from the victims and never delivered on the promised services.

The guidelines come as lenders face lawsuits over alleged discriminatory valuations.

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

Gate House Compliance is working with experts like Michael Waldron and Paul Hancock to provide services like fair lending and servicing assessments.