Mortgage Lenders Network USA, Middletown, Conn. -- once a top-15 subprime lender -- filed for Chapter 11 bankruptcy protection on Feb. 5, a spokesman for the company has confirmed to MortgageWire.The filing comes a few days after MW broke the news that Marathon Asset Management, New York, which had considered investing in the struggling company, had pulled out of talks with the nondepository. At deadline time MLN was preparing a statement. MLN recently began cutting workers in its servicing department. In late December, faced with a liquidity crisis, it closed the wholesale unit that accounted for 90% of its production. It has since been barred from funding new loans by several states. Its warehouse providers have included Merrill Lynch and RFC-GMAC. It owns roughly $17 billion in housing receivables. MLN can be found on the Web at http://www.mlnapproves.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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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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