Servicing

A rule change requiring trial modifications before other loss-mitigation options is creating workflow and liquidity challenges, especially for smaller servicers without deep resources.

The company turned a GAAP profit of $170.4 million for the quarter, with its volume and margins relatively flat compared with the fourth quarter of 2025.

PennyMac Financial Services reported $82.3 million net income, inclusive of a $44 million net reduction related to servicing fair value and hedge losses.

CrossCountry defended its lower bid for Two Harbors, looking to refute UWM's arguments regarding the status of its financing for the all-cash offer.

The company revised the deal after consulting with Ginnie Mae and reported lower earnings due to rate volatility, refinancing and FHA delinquencies.

The top bullet point in Two Harbors' rejection notice is the Mizuho credit facility does not constitute committed financing for UWM to pay for the deal.

UWM Holdings is now bidding 70 cents more per share than CrossCountry for Two Harbors, with an all-cash option as an alternative to its all-stock proposal.

Higher utilization and aggregate excess payments point to pressure, according to TransUnion. Debt-to-income averages remain below traditional mortgage caps.

Eligible purchases with the Better Home Equity Card, which lets homeowners instantly spend funds drawn from a home equity line of credit, earn 1% cashback.

CrossCountry increased its agreed-to offer for the real estate investment trust by 50 cents per share, as UWM Holdings made an unsolicited bid on April 20.