Class B-3 of CSFB Seasoned Loan Trust 2006-1 mortgage pass-through certificates has been downgraded from BBB-minus to BB by Fitch Ratings. Fitch also affirmed the ratings on three classes in the subprime deal, while two other classes were left on Rating Watch Negative. The downgrade was attributed to changes to the rating agency's subprime loss forecasting assumptions.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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.
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.
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
