CoreStar Financial Group, Timonium, Md., has announced a $4 million investment in the company by Edison Venture Fund that CoreStar says will be used to expand its marketing and sales programs.The company, which specializes in consumer debt consolidation through mortgage refinance transactions, said it expects the marketing and sales expansion to enable it to "more than double" its production within a year. Bruce Luehrs, a general partner at Edison, said the experience of CoreStar's executives in the mortgage industry from both a consumer and a market perspective "set this company apart." Mr. Luehrs and Ross Longfield, a former chief executive officer of Beneficial National Bank USA, have joined CoreStar's board of directors, the company reported. WWC Capital Group, Reston, Va., was the exclusive placement agent for CoreStar in connection with the transaction. The companies can be found on the Web at http://www.corestar.com and http://www.edisonventure.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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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.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18