Class B of Residential Asset Mortgage Products Inc. series 2001-RZ2, groups 1 and 2, has been downgraded from CCC to C by Fitch Ratings.In addition, the ratings on 20 classes in five RAMP deals were affirmed and four classes were upgraded. The downgrade was attributed to depleted overcollateralization and writedowns stemming from losses that exceeded monthly excess interest.
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
