Option One Mortgage Corp., Irvine, Calif. -- which is on the auction block -- lost $40 million for the three-month period ended Oct. 31, compared with a $48 million profit in the same period last year.The subprime lender's parent company, H&R Block, blamed the losses on continued weakness in the mortgage industry, noting that lenders are facing "reduced originations, reduced gain-on-sale margins, and increased provisions for loan losses." (Option One is part of Block's mortgage services group, which does not include H&R Block Mortgage Corp.) Option One, a wholesaler, funded $6.6 billion in the quarter (the company's second fiscal quarter), a 46% decline from the level of the same period last year. In November Block said it might sell Option One. Potential bidders include two broker-dealers, investment banking sources have told MortgageWire.
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Intermediary automation has increased the immediate availability of product, pricing and eligibility information to both sides of the mortgage business.
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Radian undertook a multiyear process that resulted in the $1.7 billion purchase of Inigo, but it's exiting other businesses outside of mortgage insurance.
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Rate rolled out its Rate App entirely in Spanish Thursday as part of its Language Access Program.
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CrossCountry Capital will partner with an Ares Alternative Credit fund and Hildene Capital Management after receiving $1 billion of equity capital commitments.
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President Donald Trump asked the Supreme Court to reverse a lower court ruling allowing Federal Reserve Gov. Lisa Cook to remain in office pending the outcome of her lawsuit challenging Trump's move to fire her late last month.
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The 30-year fixed rate mortgage was down another 9 basis points this week, Freddie Mac said, but much of this pricing was before the Federal Reserve meeting.
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