The Office of Federal Housing Oversight has appointed Len Reid to be director of the office of supervision -- a new position at the agency that oversees Fannie Mae and Freddie Mac.A veteran national bank examiner, Mr. Reid joined OFHEO in 2001 and played a key in implementing OFHEO's risk-based capital standard. In his new role as director of supervision, he will oversee and coordinate supervisory activities ranging from accounting and capital compliance to examinations. "Len brings a unique blend of expertise to this role which will further enhance our safety and soundness regime," acting OFHEIO director Stephen Blumenthal said. In other news, the Federal Reserve Board's top bank supervisor Rich Spillenkothen is retiring June 30. A 30-year veteran at the Fed, Mr. Spillenkothen served as the director of division of supervision and regulation for 15 years. No successor has been named yet.
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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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