Morris/Hardwick/Schneider, an Atlanta-based real estate closing law firm, has announced the formation of two new mortgage service divisions: National Default Services and National REO. The default services unit was established through a merger with Wittstadt & Wittstadt, a Baltimore-based law firm. M/H/S said the merger enables the firm to "offer the full spectrum of end-to-end lender services -- from loss mitigation to foreclosure to REO to resale." In addition, it broadens the area served by M/H/S and its title company, LandCastle Title, by adding Maryland, Virginia, West Virginia, Delaware, and Washington, D.C., to its existing area, which includes Alabama, Florida, Mississippi, North Carolina, Ohio, South Carolina, and Tennessee. M/H/S can be found on the Web at http://www.closingsource.net.
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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.
March 28