The ratings of Irwin Home Equity Corp. as a primary servicer of second-lien and of high loan-to-value residential mortgage loans have been downgraded from SQ2-plus to SQ2-minus by Moody's Investors Service.The ratings remain on review for possible downgrade, and Moody's has reduced the company's servicing stability assessment from average to below average. Moody's said the actions reflect the volatility in the market for second-lien and high-LTV loans, and the second-quarter earnings announcement of the parent corporation, Irwin Financial, which "noted the negative performance of the Irwin Home Equity line of business." Sustained negative performance could affect the willingness and ability of the parent corporation to invest in the servicing platform. "Additionally, there is uncertainty in the company's ability to maintain its servicing performance, staffing levels, turnover rates, and the composition of the management team," Moody's said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24