EverBank, Jacksonville, Fla., has purchased the Bank of New York's interest in BNY Mortgage Company.EverBank said it will reposition BNYMC to focus exclusively on growing its reverse mortgage business nationwide. Originally a joint venture between EverBank and The Bank of New York, BNYMC is shifting to focus on the origination of retail reverse mortgages, along with wholesale, correspondent and private label reverse mortgage services, the company said. EverBank is a private financial services company with approximately $4.2 billion in assets and 1,500 employees.
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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.
March 28