The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on $1.1 billion portfolio of conventional mortgage loans from the Midwest.The weighted average note rate is 6.996% and the average loan balance is $94,799, Prestwick said. The portfolio has weighted average seasoning of 41 months and includes properties in 34 states. The highest concentration of loans come from Ohio, Indiana, New Jersey, Pennsylvania and Illinois. Bids are due Nov. 13.
The serial entrepreneur, who also created Rapid Reporting and American Transfer & Trust, plans to remain active in industry causes, a LinkedIn post said.
Almost 45% of buyers received a seller concession this summer, while more than 15% saw a reduction in the asking price to go along with it, according to Redfin.
With 55% of homeowners planning to renovate rather than relocate, demand for home improvement capital will be strong even if the purchase market slows further.
Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
The Securities and Exchange Commission said Rule 14a-8 exceeds its statutory authority and intrudes on matters of state law. Shareholder advocacy groups, however, argue that repealing the rule could reduce transparency.
Brian Johnson's nomination to lead the Consumer Financial Protection Bureau advanced to the full Senate Thursday morning in a party-line vote.
