Downey Financial Corp., a thrift institution based in Newport Beach, Calif., will be dropped from the S&P SmallCap 600 after the close of trading on Aug. 20, according to Standard & Poor's. It will be replaced by Interval Leisure Group Inc., Miami, a provider of membership services to the vacation ownership industry. At the close of trading on Aug. 13, Downey had a market capitalization below the target range for the SmallCap index, S&P said. Downey can be found on the Web at http://www.downeysavings.com, and S&P can be found at http://www.standardandpoors.com.
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The fintech integrates with payroll systems of employers to arrange early access to earned wages for its customers.
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Larger public companies' high-profile servicing acquisitions tend to get the spotlight, but the two top leaders in the Ginnie MSR market are quieter players currently run as private companies.
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Hometap's product provides homeowners with cash in exchange for a share of their home's future value, but the company has been faced with legal challenges claiming deceptive marketing.
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Mortgage apps fell 6% as rates hit a near three-year high, but ARM share reached its highest since October 2025 and 21% of listings saw price cuts, openings for buydown pitches.
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ICE announced Wednesday the launch of Residential Whole Loan Evaluations, which extends its evaluated pricing process to individual, unsecuritized loans.
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The rare critique co-filed by an industry trade group suggests mandatory detention of noncitizens is contributing to a slowdown in new home construction.
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