Classes B and C of Structured Mortgage Trust 1997-1 have been placed under review for possible downgrade by Moody's Investors Service.The transaction is a resecuritization backed by other residential mortgage-backed securities. The rating actions were based on the weak performance of the underlying securities, whose losses have exceeded original expectations, Moody's said.
The industry leaders are sparring over refinance business from a Mr. Cooper portfolio, and UWM contends it didn't specifically try to harm its rival.
The trade group supports FHFA's overhaul but urges longer comment periods, more flexibility and protections to prevent unintended consequences.
The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
