IndyMac Bancorp, Pasadena, Calif., has agreed to purchase the 32-branch retail platform of New York Mortgage Trust for $13.4 million.NYMT's chairman and co-CEO Steven Schnall -- who will be joining IndyMac when the sale closes -- told MortgageWire that the move will help the thrift meet its goal of becoming a top-5 retail lender. (According to the Quarterly Data Report, IndyMac ranks 23rd among retail residential lenders, NYMT 41st.) The transaction is slated to close by the end of March. The branch network -- 21 full service outlets and 11 satellite locations -- runs from Florida to New Hampshire, but is heavily dependent on the Northeast and New England. NYMT, a real estate investment trust, is trying to sell its wholesale operation as well. Retail accounts for 75% of the nondepository's production. (For more details, see the Feb. 12 issue of National Mortgage News.) The companies can be found online at http://www.indymacbank.com and http://www.nymtrust.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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