ResMae Mortgage Corp., Brea, Calif., has announced its emergence from Chapter 11 bankruptcy proceedings as a wholly owned subsidiary of RMC Mortgage Holdings.The wholesale mortgage lender said its restructuring has "refocused its sales efforts" to boost production and improve broker relationships, provided for greater efficiency and service in its origination process, and "strengthened the credit review process to increase overall loan quality." ResMae entered Chapter 11 bankruptcy in February, and later announced an agreement to sell certain assets to affiliates of Citadel Investment Group LLC. The affiliates included RMC Mortgage. ResMae can be found on the Web at http://www.resmae.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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