Fannie Mae has reported the auction results for a $1 billion reopening of a 5.375% 10-year Benchmark Notes security due June 12, 2017.The stop yield was 5.531% for the issue (CUSIP: 31398ADM18), which was priced at 98.815. The bid/cover ratio was 3.5. The settlement date is July 13.
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But the mortgage unit of Intercontinental Exchange narrowed its quarterly losses and touted the addition of several new customers this year in its earnings call.
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Mortgage rates reached their highest point since the end of November, seemingly not severely impacting Spring home purchase activity, Freddie Mac said.
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The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
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Like some other servicers, it recorded a positive change in valuations during the first quarter, contrasting a negative adjustment in the previous period.
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The company, acquired by CrossCountry Mortgage in 2022, discouraged employees from reporting they worked off-the-clock as a means to "save on labor costs."
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The top five producers had an average non-QM loan volume of nearly $94 million for 2023.
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