Subprime lender Accredited Home Lenders -- which is in danger of being delisted by the NASDAQ Stock Market -- has hired Squar, Milner, Peterson, Miranda & Williamson LLP as its new independent auditor.Squar Milner will assist the San Diego-based mortgage firm in completing its financial statements for full-year 2006. In early April Accredited's auditor, Grant Thornton, resigned. Accredited, which was supposed to file its annual 10-K report by March 15, has said it hopes to file its 10-K "as soon as possible." It is appealing NASDAQ's decision to delist it.
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The national delinquency rate rose 15 basis points to 3.5% last month due to a calendar anomaly, marking a 4.5% month-over-month incline and 9.4% annual change.
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ICE launched a fraud detection tool for underwriters, Newrez partnered with Matic and Rate announced a free home equity monitoring tool this month.
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Nearly one-third of states now have official nonbank standards for liquidity, capital and corporate governance that firms over a certain threshold must meet.
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KBW now rates UWM as outperform, and BTIG calls the stock a buy, but both cite high leverage levels and industry macro trends depressing its stock price.
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If approved, the deal can provide relief for the approximately 662,000 individuals affected by an incident at the mortgage vendor last November.
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Properties outside of the 100-year flood zone exposed to $375 billion to $1 trillion in losses, Moodys reports
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