Class B of Industry Mortgage Corp. home equity loan pass-through certificates, series 1998-1, has been downgraded from CCC to C by Fitch Ratings.The rating agency also affirmed the ratings on 17 other classes from four IMC HEL transactions. The downgrade was attributed to poor collateral performance. "Class B is experiencing monthly writedown as a result of monthly loan losses," Fitch said.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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