The primary, master, and special servicer ratings of Orix Capital Markets, Dallas, have been downgraded by Fitch Ratings.The primary servicer rating was lowered from CPS1 to CPS2, the master servicer rating was lowered from CMS1 to CMS2, and the special servicer rating has been lowered from CSS1 to CSS3 and removed from Rating Watch Negative. Fitch said the primary and master servicer rating downgrades were based on "a decline in overall servicing performance," citing concerns that its performance regarding the processing and approval of borrower requests for assumptions, lease approvals and terminations, and other lender consents "is not as timely as it needs to be and is inconsistent with the performance expected of Fitch's highest-rated servicers." The special servicer rating downgrade was based partly on a high annual employee turnover rate in the special servicing group over the past two years (29% in 2003 and 41% in 2002) and partly on the company's heavy use of litigation as a loan resolution strategy, the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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