Class B of Fidelity Funding Mortgage Finance Corp. has been downgraded from BBB to BB by Fitch Ratings.The rating agency attributed the downgrade to a credit enhancement level of 6.7% that is below the required percentage of 8.4%. In addition, 25% of the pool is 60 or more days delinquent (including loans in bankruptcy or foreclosure or that are real estate owned), Fitch said.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
