Fannie Mae has priced a $1.0 billion REMIC guaranteed maturity class with a class coupon of 5.450%.The transaction (CUSIP 31396 P6D8), Benchmark REMIC Trust 2007-B1, class BE, was priced at 99.2925 to yield 5.428%, or 97 basis points over the interpolated Treasury curve. It has a final maturity date of Dec. 28, 2020. Citigroup Global Markets Inc., Greenwich Capital Markets Inc., and J.P. Morgan Securities Inc. were the lead underwriters for the deal. Fannie Mae can be found online at http://www.fanniemae.com.
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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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