Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a portfolio of $93 million of Freddie Mac home loans.The weighted average note rate is 5.994%, and the weighted average servicing fee is 25 basis points. The average loan balance is $180,237, with 25 months of average seasoning. Approximately 77% of the loans are backed by homes in Pennsylvania, and approximately 59% were retail originated. The bid deadline is May 16 at 5 p.m. EDT.
The package of banking measures will need 60 votes — including a number of Democrats — to pass the Senate on a tight timeframe ahead of November's elections. But the bipartisan House vote signals that future work on the issues is possible.
Lenders are still sending files to their secondary market partners with missing or misplaced documents, affecting how the collateral is viewed and priced.
The brokerage boss settled litigation with ex-business partner Mat Grella which involved private aviation, luxury cars and a separate six-figure judgment.
The median down payment for a potential Gen Z homebuyer is well below the amount the three older generations are looking to make, a LendingTree study found.
The Federal Reserve is rethinking the size and scope of its holdings. Academics and industry analysts alike say liquidity reforms will be key to the process.
Almost one third of borrowers in the pool, 26.3%, are self-employed, with a non-zero weighted average (WA) average income of $832,522, and $666,211 in liquid reserves.
