Principal Residential Mortgage, Des Moines, Iowa, the nation's 11th-largest residential servicer, is on the auction block, industry sources have told MortgageWire.One mortgage executive familiar with the company said, "They're in talks now with buyers." A spokeswoman for PRM's parent, the Principal Residential Group insurance company, declined to comment. According to figures compiled by National Mortgage News, PRM serviced $118.9 billion in loans at year-end. Among funders it ranked 15th. Its production volume in the quarter fell by 52% and the unit suffered an operating loss of $42.8 million, versus a profit of $29.1 million a year earlier. (For more details, see the March 8 issue of NMN.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17