Thanks to a strong refinancing market, Countrywide Home Loans originated $40.4 billion of home mortgages in April, an 11% gain from its volume in the same month last year.However, its nonprime fundings plunged by 48% to just $1.68 billion. The company released its April results on May 9, a day after its stock ran up 7.2% on takeover rumors. Countrywide's policy is not to comment on takeover talk, but investment banking sources familiar with the company told MortgageWire that they do not think the firm is in play. In April, refinancings accounted for 61% of its production, compared with 54% for the same month last year. About 0.69% of all the loans Countrywide services ($1.4 trillion) are in some form of foreclosure. The company can be found online at http://www.countrywide.com.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18