IndyMac Bancorp Inc., Pasadena, Calif., has announced that it will increase its ownership stake in Financial Freedom Senior Funding Corp. from 93.75% to 100%, a change in direction from an earlier move to consider going public with the subsidiary.IndyMac said it decided to change course after announcing in May that its board had authorized management to plan for an initial public offering of Financial Freedom shares. "After thorough analysis, we determined that it is in the best interest of our shareholders for IndyMac to keep Financial Freedom as a wholly owned subsidiary focused on the senior market," said Michael W. Perry, IndyMac's chairman and chief executive officer. "This will allow us to fully leverage IndyMac's systems, infrastructure, and mortgage banking expertise in a way that will enable Financial Freedom to remain a highly profitable and dominant player in the fast-growing but ever more competitive reverse mortgage market." IndyMac Bank can be found online at http://www.indymacbank.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.
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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.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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