Imperial Capital Bank has received a CPS3 Small Loan rating from Fitch Ratings for primary servicing of commercial mortgage-backed securities, the first such rating given out by the rating agency.Fitch said the rating reflects ICB's experienced servicing management staff and its longtime experience as a servicer of small-balance commercial mortgage loans. However, Fitch also noted that ICB has not yet acted as a CMBS primary servicer and has no CMBS reporting experience. ICB is a California state-chartered commercial bank based in La Jolla. As of March 31, ICB serviced 1,493 commercial real estate loans with a cumulative balance of $1.4 billion. Fitch can be found online at http://www.fitchratings.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24