Subprime wholesaler Option One Mortgage Corp., Irvine, Calif., says it will trim 575 additional jobs, incurring expense charges of $19 million.Back in May the H&R Block-owned Option One said it would close 12 mortgage processing offices and trim 615 workers by early September. The new job cuts are in addition to those revealed in May. Option One is slated for sale to Cerberus Capital, a hedge fund that also controls GMAC Mortgage, but there are doubts in the industry whether the deal will occur. Cerberus recently threw its subprime operation, Aegis Mortgage, into bankruptcy.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18