The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $35 million portfolio of Freddie Mac home loans, primarily from Pennsylvania.The fixed-rate, owner-occupied portfolio has a weighted average note rate of 4.811%, an average loan balance of $122,339, and weighted average seasoning of 33 months. None of the loans are in foreclosure or bankruptcy. The bid deadline is Jan. 25.
Jay Farner takes a majority ownership stake in Detroit's professional soccer franchise through the investment group he launched after leaving Rocket in 2023.
The major government-related secondary-market loan buyer is moving to a new approach that mortgage companies can start transitioning to later this year.
Short-sale transactions increased 4% from 2023 to 2024, nearly 10% from 2024 to 2025 and about 16% annually in the first quarter of this year, according to Realtor.com.
The 30-year fixed rate loan average is at its highest since August, while the 15-year is now above where it was one year ago, Freddie Mac found.
A one-time chief lending officer for Heritage State Bank has been barred from the industry for signing off on mortgages backed by over-valued appraisals.
Sales trends for new homes are on the upswing, another reason mortgage lenders need to keep an eye on this segment, the Mortgage Bankers Association found.
