The nation's fifth-largest servicer of subprime home loans, Fairbanks Capital Corp., Salt Lake City, has changed its name to Select Portfolio Servicing.Over the past 12 months, the company has overhauled its operations to implement industry-leading practices that set a new standard for customer responsiveness and managing risk, the company said in a statement about the new name. At the end of the first quarter, Fairbanks managed a $40.9 billion portfolio of home loans, according to the Quarterly Data Report, a MortgageWire affiliate. The company said it currently services approximately 350,000 nonprime residential mortgage loans.
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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