Franklin Credit Management Corp., a Jersey City, N.J.-based company engaged in the servicing and resolution of residential mortgage loans, has announced that it has entered into interest rate swap agreements to hedge part of its interest-rate-sensitive borrowings against increases in short-term interest rates. The $725 million of nonamortizing fixed-rate swap agreements are for periods ranging from one to four years. Under the agreements, Franklin Credit will make interest payments to its lead lending bank at fixed rates and will receive interest payments from the bank on the same notional amounts at variable rates based on the London interbank offered rate, the company said. The specialty finance company can be found online at http://www.franklincredit.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.
March 28 -
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.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28