Subprime wholesaler Investaid Corp. of Southfield, Mich., has closed its doors, according to industry officials.As of MortgageWire's deadline, the company could not be reached for comment. On Wednesday its telephone switchboard was not retrieving calls. It specialized in funding subprime loans with FICOs ranging from below 500 to 600, but it also did higher-credit-quality loans. An e-mail message reportedly written by one Investaid official explains, "The conditions in the market continue to collapse and the pressure placed upon our affiliated bank from the regulatory agencies with regards to subprime is impossible to bear." The e-mail message could not be verified.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
2h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
2h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
4h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
5h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18