Under the new Global Mortgage Alliance program, Credit Suisse is the warehouse lender and lead underwriter for securitizing single-family mortgages that Hillenbrand Partners plans to purchase from members of the Federal Home Loan Bank of Atlanta.Eric Hillenbrand, the founder of the Chicago investment management firm, told MortgageWire that he expects to start purchasing conventional conforming mortgages from community banks in the Atlanta district by the end of July. And he is in discussions with other FHLBanks to join the program. The GMA program's goal is to securitize $5 billion to $6 billion in mortgages over the next 12 months. The AAA-rated senior pieces will be sold to investors, and Hillenbrand Partners will hold all the subordinated pieces from AA down, Mr. Hillenbrand said in an interview. LaSalle Bank is GMA's master servicer. The Federal Housing Finance Board recently approved the Atlanta FHLBank's application to participate in the GMA affinity program.
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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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