Investors finally returned to the stock market Wednesday, driving the Dow Jones industrial average up nearly 300 points. Many mortgage industry stocks saw double-digit gains on the day, with shares of Fannie Mae and Freddie Mac each rising by more than 13%. Title insurer LandAmerica Financial Group's shares rose 24% on the day, closing at $6.84. Fidelity National Financial's shares rose 22%, closing at $17.32. One exception was IndyMac Bancorp. The company's shares fell 7%, with the stock closing at $4.36 after Moody's Investors Service withdrew its debt ratings on the company. Strength in the financial sector overall helped the DJIA rise 299 points, or 2.5%, to close at 12,270 on Wednesday. The rally cooled on Thursday, and the Dow was up about 25 points at midday.
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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.
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