National City Corp., Cleveland, has agreed to buy Provident Financial, Cincinnati, for $2.1 billion in stock, a deal that will create the nation's eighth-largest subprime servicer.National City, which is also the ninth-largest prime lender, owns the fifth-largest subprime lender, First Franklin Financial of San Jose, and the 12th-largest subprime servicer, National City Home Mortgage of Pittsburgh. Provident's PCFS Financial Services unit has $10.7 billion in subprime receivables, ranking 14th nationwide, according to National Mortgage News. But among subprime funders, PCFS is ranked much lower, at 38th. (The rankings are based on third-quarter numbers.) Both banks have warehouse lending divisions that provide credit to nondepository mortgage bankers.
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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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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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