Bay Capital, a Maryland-based mortgage banking firm, has closed its doors after its parent company declared itself insolvent.At deadline time, no details were available on Bay's production. The parent firm, Clear Choice Financial, Tempe, Ariz., was traded on the "pink sheets." CCF said in a statement that it had closed two offices belonging to Bay, one in Owings Mills, Md., and another in Irvine, Calif. Roughly 120 out of 150 workers lost their jobs. The statement says Bay was "forced" to shut down its warehouse lines. David Birdsell was recently named chief restructuring officer to the company, and the law firm of Keller Rohrback was hired as bankruptcy counsel. (For more details, see the Jan. 22 issue of National Mortgage News.)
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10