The vast majority of mortgage-related stocks performed well on Monday as hopes for another Federal Reserve rate cut and a quick resolution of subprime credit issues drove a rally that pushed the Dow Jones industrial average to an all-time high.Some of the mortgage sector's biggest winners were mortgage insurance companies. Radian's share price rose 6.7% on the day, while Triad was up 5.8% and PMI rose 3.21%. Countrywide Financial Corp. also posted a strong gain of 5% on the day. LandAmerica Financial Group was up 5.62%. Overall, the Dow closed up 191 points, or 1.38%, to close at 14,087.55. The day began with a bad omen, as both Citigroup and UBS announced that they would take big hits related to subprime mortgage loans, but the market seems to be betting that those companies are taking their lumps now so they can put the issue behind them.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18