The issuer default ratings of Kansas City, Mo.-based Block Financial Corp. and H&R Block Inc. have been downgraded from A-minus to BBB-plus by Fitch Ratings.Fitch also downgraded Block Financial's senior unsecured debt from A-minus to BBB-plus. All ratings remain on Rating Watch Negative. The rating agency said the downgrades "reflect the continued uncertainty surrounding the sale of Option One Mortgage Corp." as well as the addition of three new board members as a result of a proxy fight, a recent change in auditor, and a recent resignation of the company's chief financial officer.
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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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