Servicers of loans in commercial mortgage-backed securities deals are using practices that have "dramatically increased" their responsiveness, according to Fitch Ratings."Dedicated surveillance teams and enhanced technology that has improved day-to-day work flow have dramatically increased servicer responsiveness to issues and improved operational efficiency," said Stephanie Petosa, a Fitch senior director. "Additionally, the advent of 24-hour borrower websites and borrower surveys has contributed to borrower satisfaction. Increasingly interactive investor websites that allow for customized portfolios and reports has also emerged as a best practice for the sector." Fitch's review of CMBS servicing, titled "Trends and Best Practices in CMBS Servicing," can be found on the rating agency's website at http://www.fitchratings.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.
March 28 -
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