Class B-1F of Amresco Residential Securities Corp. mortgage loan pass-through certificates, series 1997-3 group 1, has been downgraded from CCC/DR2 to CC/DR4 by Fitch Ratings.In addition, the Distressed Recovery rating of class B-2F was lowered from DR3 to DR6, and the ratings on 38 classes in seven Amresco transactions were affirmed. The downgrade was due to a deterioration in the relationship of credit enhancement to loss expectations, Fitch said. The pools consist of fixed- and adjustable-rate conventional mortgages.
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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