Office of Thrift Supervision examiners are continuing to see deterioration in underwriting standards as margins and loan volume decline at federally chartered thrifts, according to OTS Director John Reich."Examiners are digging deeper into loan portfolios to understand the risks institutions are assuming, and they are paying close attention to loan documentation, pricing, loan-to-value ratios, and underwriting standards," Mr. Reich told the New York Bankers Association. He said loan pricing is out of line with credit risk. Thrifts are liberalizing underwriting standards to maintain loan volume, he said. And examiners have identified institutions purchasing loan pools without adequate loan documentation. "Finally, there continues to be excessive dependence on wholesale funding by a number of institutions," the OTS director said.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28