NovaStar Financial Inc., Kansas City, Mo., has reported net income of $29.7 million for the first quarter, up from $23 million in the same period of 2003.Approximately 23% of the company's subprime business comes from its net branches, which fell from 432 as of Dec. 31 to 383 in the first quarter, the company said. While selectively eliminating branches, NovaStar increased nonconforming loan production and securitized $1.7 billion in nonconforming mortgage loans. The company also reported that its lending arm, NovaStar Mortgage, received an SQ2 rating from Moody's Investors Service, the second-highest mark in the industry, for above-average loss mitigation on loans and average foreclosure timeline management results. NovaStar Mortgage can be found online at http://www.novastarmortgage.com.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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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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