Nationstar Mortgage, Dallas, on Friday closed its subprime wholesale division, which ranked 18th nationwide.A posting on the lender's broker site says, "We have made the decision to stop all wholesale originations effective September 21, 2007," but offers no other details. Company executive Rick Cardillo, who manages secondary marketing for Nationstar, had not returned a telephone call as of MortgageWire's deadline. In March 2006 Fortress Investments, a publicly traded investment fund, paid $585 million for Centex Home Equity, a nondepository subprime lender/servicer. It then changed the lender's name to Nationstar Mortgage. Nationstar is also a retail originator. In the second quarter it funded $609 million through that channel, a 33% decline from the level recorded a year earlier, according to the Quarterly Data Report.
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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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