The NeighborWorks Campaign for Homeownership has announced that it helped 40,300 families achieve homeownership and generated more than $5.39 billion in new mortgage lending in the first quarter.More than 150 NeighborWorks organizations in 46 states plus the District of Columbia and Puerto Rico are participating in the campaign. The organization said 89% of recently assisted households were either low- or moderate-income homebuyers, and 91% were first-time homebuyers. "We are especially proud of the $153 million direct financial contribution of NeighborWorks network organizations in creating new homeowners," said Ken Wade, chief executive of NeighborWorks America. Approximately 22% of the campaign's recent homebuyers are African-American, whereas data provided by the Home Mortgage Disclosure Act indicate that only 6% of mortgage loans issued by the conventional market in 2003 (the most recent year for which data are available) served African-American buyers. Similarly, 24% of the campaign's recent borrowers were Hispanic, compared with 10% of loans in the conventional market in 2003. The organization can be found online at http://nw.org.
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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.
March 28