American Residential Funding Inc., a nationwide mortgage banking and brokerage firm based in Costa Mesa, Calif., has begun trading over the counter on the Pink Sheets under the symbol ARFG.Vincent Rinehart, president and chief executive officer of AmRes, said the company's mortgage banking division will expand banking services to its own branch network, and that AmRes will roll out a wholesale loan program to other mortgage brokers in January. The company, which said it is licensed to originate loans in over 30 states, will remain a majority-owned subsidiary of Anza Capital Inc.
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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.
March 28