NVR Inc., a homebuilder and mortgage banker based in Reston, Va., has announced an increase in its revolving credit facility from $150 million to $400 million.The facility matures in December 2010. Thirteen banks are participants in the facility, including JPMorgan Chase Bank NA as administrative agent and U.S. Bank NA as syndication agent. NVR can be found on the Web at http://www.nvrinc.com.
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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