Subprime giant New Century Financial Corp., Irvine, Calif., says it expects to tell the Securities and Exchange Commission that it will delay the filing of its annual 10-K report for the year ending Dec. 31.A few weeks ago, the publicly traded nondepository said it would report a loss for the fourth quarter and restate earnings for the previous three quarters. According to the Quarterly Data Report, New Century ranked second among all subprime originators in the fourth quarter, funding $12.2 billion in loans, an 8% decline from the level of the fourth quarter of 2005. HSBC Finance, Prospect Heights, Ill., ranked first, with $12.2 million.
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The national delinquency rate rose 15 basis points to 3.5% last month due to a calendar anomaly, marking a 4.5% month-over-month incline and 9.4% annual change.
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ICE launched a fraud detection tool for underwriters, Newrez partnered with Matic and Rate announced a free home equity monitoring tool this month.
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Nearly one-third of states now have official nonbank standards for liquidity, capital and corporate governance that firms over a certain threshold must meet.
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KBW now rates UWM as outperform, and BTIG calls the stock a buy, but both cite high leverage levels and industry macro trends depressing its stock price.
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If approved, the deal can provide relief for the approximately 662,000 individuals affected by an incident at the mortgage vendor last November.
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Properties outside of the 100-year flood zone exposed to $375 billion to $1 trillion in losses, Moodys reports
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