Hammered by early payment defaults, OceanFirst Financial Corp., Toms River, N.J., will close its subprime mortgage affiliate, Columbia Home Loans LLC, according to a new filing with the Securities and Exchange Commission.Columbia incurred significant operating losses in the past two quarters because of EPDs and related problems, especially on loans with loan-to-value ratios of up to 100%. The thrift will take a $900,000 hit because of employee severance and lease cancellation charges related to the closure. "The discontinuation of Columbia's operation is expected to be completed within six months," the filing said. OceanFirst had hoped to sell Columbia, but talks with an interested party fell apart.
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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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