Moody's Investors Service has downgraded the servicer quality rating of EMC Mortgage Corp. as a primary servicer of subprime residential mortgage loans from SQ1 to SQ1-minus.Moody's also affirmed EMC's SQ2 rating as a primary servicer of prime residential mortgages (including alternative-A), its SQ2 rating as a primary servicer of second-lien residential mortgages, and its SQ2-plus rating as a special servicer. The downgrade was prompted by "the high level of volatility that has been experienced in the subprime market as well as a reduction from strong to above average in Moody's assessment of the company's foreclosure and REO timeline management," the rating agency said. EMC is a wholly owned subsidiary of The Bear Stearns Cos. Its servicing operations are based in Lewisville, Texas. Moody's can be found online at http://www.moodys.com.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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.
March 28