NovaStar Financial, Kansas City, Mo., said the Securities and Exchange Commission notified it last Friday that it is conducting an informal inquiry into certain business practices.NovaStar's outside counsel Lanny Davis said in a statement issued by the company "receiving this notice was not surprising in the aftermath of a widely circulated newspaper story. As the SEC stated in its letter, this inquiry 'should not be construed as an indication by the Commission or its staff that any violations of law have occurred.' NovaStar is confident that a full review of the facts should put this matter behind it." The announcement was made after the market closed on April 19. NovaStar's stock, which had already begun a substantial decline on April 12, was down by $5.50 per share to $33.51 at 11:15 a.m. on April 20.
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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%.
April 18