Fannie Mae has helped 68,000 subprime borrowers refinance through its HomeStay loan purchase program that was launched in April, and loan volumes are increasing every month, according to a Fannie Mae executive. "We have been able to put most borrowers into a fixed-rate loan," Fannie Mae vice president Jef Kinney said. And in most cases, the interest rate is lower than the teaser rate on their subprime adjustable-rate mortgage. So far, Fannie has purchased $13 billion HomeStay loans, up from $6 billion in September. Fannie Mae can be found on the Web at http://www.fanniemae.com.
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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