Piper Jaffray analyst Robert Napoli has applauded the decision of Accredited Home Lenders, San Diego, to buck the growing trend of publicly traded subprime lenders converting to real estate investment trust status.Accredited announced the decision in a recent news release on its first-quarter earnings. "While the company found certain arguments for becoming a REIT to be compelling, it also found the structure would add significant administrative complexity," Accredited said. "The company received divergent advice concerning how a hybrid REIT should be structured and how it would be valued." Mr. Napoli commented that "[t]his is a different decision than most competitors who are choosing the REIT structure, and we like it. Accredited can still choose to become a REIT at a later date after it reviews the success of its peers. We recommend aggressive purchase of Accredited stock if it sells off because of this less 'popular' decision."
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18