Keefe, Bruyette & Woods has cut its earnings estimates on mortgage insurer Triad Guaranty, citing the MI's loss of its largest customer to bankruptcy -- American Home Mortgage of Melville, N.Y.In a recent filing with the Securities and Exchange Commission, Triad said American Home was its largest customer in the first half, accounting for almost 34% of new insurance that it wrote. The nondepository lender closed its doors in August. About a week ago, Triad announced that it had borrowed $80 million under a revolving line of credit. After the company's stock swooned, company president Mark K. Tonnesen issued a statement saying, "The decision to draw down these funds was made by the board of directors at a regularly scheduled board meeting and not in response to any liquidity issues."
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16