Sy Naqvi, who ran PNC Mortgage for 11 years until it was sold to Washington Mutual earlier this decade, has returned to the bank-owned lender. According to an official familiar with the matter Mr. Naqvi's chief job will be to evaluate all the mortgage operations of PNC Bank and National City Mortgage, which the bank inherited when it bought National City Corp. of Cleveland at year end. (For the full story see the Monday edition of National Mortgage News.)
Non-QM securitizations hit $78B as lenders ease guidelines to capture unserved borrower demand, even as total impairments rise for the 10th time in 13 months to 6.27%.
Berkshire Hathaway's HomeServices is adding mortgage servicing to Prosperity Home Mortgage. The move locks purchase borrowers into its ecosystem, cutting off external lenders from future refi retention opportunities.
The fee was to be paid by users who still needed short-term access via software developer kit interfaces to Encompass after the scheduled Dec. 31 sunset.
The Bureau of Economic Analysis reported that the personal consumption expenditures, or PCE, price index rose 3.7% from a year earlier, indicating that inflation remains above the Federal Reserve's target.
Data moving outside of physical documents in the secondary mortgage market is adding millions to costs per year, according to the Housing Policy Council.
The lender is seeking a temporary restraining order on its founder to halt his shareholder rally, suggesting he could complete his corporate takeover soon.
