There were nine members of the Mortgage Industry Equity Composite that closed lower on Monday, led by
Next was MGIC Investment Corp., whose stock closed 0.8% lower after the mortgage insurer said
Ellie Mae, which will release its 4Q13 results after the market closes on Thursday, had the largest gain (2.3%) among the seven MIEC members that closed higher.
PennyMac Mortgage Investment Trust and Redwood Trust were both up 0.6%.
Adam Boyd, a veteran financial services executive with more than 25 years of experience, will head the growth of Rate's consumer lending platform.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
Mike Kortas will be adding a separate mortgage servicing company and hiring NEXA loan officers to assist with the process and give them customer insights.
The latest government-sponsored enterprise changes include a more flexible sampling and a longer maximum term for some manufactured housing loans, respectively.
The product preserves borrower's first mortgage, and its potentially lower mortgage rate, without requiring the new monthly payments of a traditional HELOC, FOA says.
The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.
