Nonconforming loan giant Aegis Mortgage Corp., Houston, has closed its correspondent lending division, industry officials have told MortgageWire.Although the company's spokesperson did not return telephone calls, an official at the lender's headquarters confirmed that the division bought its last loan in December. "It's been shut down," the official said. Aegis, which also funds mortgages through retail and wholesale means, ranks 18th nationwide among subprime funders, according to the Quarterly Data Report, an affiliate of MW. (For the full story, see the Jan. 23 issue of National Mortgage News.)
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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