Class L of GMAC Commercial Mortgage Securities Inc. series 1998-C2 has been downgraded from CCC/DR1 to CC/DR3 by Fitch Ratings. The downgrade is the result of an increase in specially serviced assets and loss expectations since Fitch's last rating action, the rating agency said. The pool includes nine specially serviced assets on which significant losses are expected, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
Larger public companies' high-profile servicing acquisitions tend to get the spotlight, but the two top leaders in the Ginnie MSR market are quieter players currently run as private companies.
Hometap's product provides homeowners with cash in exchange for a share of their home's future value, but the company has been faced with legal challenges claiming deceptive marketing.
Mortgage apps fell 6% as rates hit a near three-year high, but ARM share reached its highest since October 2025 and 21% of listings saw price cuts, openings for buydown pitches.
ICE announced Wednesday the launch of Residential Whole Loan Evaluations, which extends its evaluated pricing process to individual, unsecuritized loans.
The rare critique co-filed by an industry trade group suggests mandatory detention of noncitizens is contributing to a slowdown in new home construction.
A memo from Fannie Mae and Freddie Mac has separate links for each company's form to ask for the policy exception for compliance with the Nov. 2 deadline.
