Luminent Mortgage Capital, a mortgage investing REIT based in San Francisco, said Sept. 11 that it has cut 15 jobs and repaid all warehouse lines on two outstanding whole-loan commitment deals.The real estate investment trust also said a $1 billion warehouse line has been "terminated," adding that "no balances are outstanding under two warehouse lines totaling $1.5 billion." Company chief executive Trez Moore said, "Luminent is moving forward with strategic initiatives designed to capitalize on investment opportunities in this changed market environment. These initiatives are designed to resolve Luminent's liquidity issues and, over the longer term, create opportunities for enhancing the value of Luminent." The REIT can be found online at http://www.luminentcapital.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.
March 28