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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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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