Class K of Banc of America Large Loans Inc. commercial mortgage pass-through certificates series 2004-BBA4 has been downgraded from BB-plus to B by Fitch Ratings. Fitch also affirmed the ratings on nine other classes in the transaction. The downgrade was attributed to the continuing decline in performance of the Heritage Square I and II loan and the Arapaho Portfolio. The collateral consists of 10 industrial/flex space buildings.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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