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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Make the right lending decisions by being informed and knowledgeable on the impact of flooring during appraisals, upgrades, and resale evaluations.
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Roof damage can reduce a property's value and loan security. Lenders must know the warning signs that indicate major structural and financial risks.
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The federal regulator terminated the wholesale lender's FHA approvals in six jurisdictions because of certain elevated default and claim rate data.
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The Mortgage Bankers Association leader cited past objections on anti-competitive grounds as Trump administration officials showed signs of progress on reform.
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Homes for sale inventory reached pre-COVID levels for the first time in years, while contract activity continued to soar last month, HouseCanary said.
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The new litUSD is being issued on Ethereum and backed one-to-one with the dollar using cash and cash equivalents being held by LitFinancial in reserve.
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