Domestic Bank of Rhode Island closed its wholesale division Monday, citing Wall Street's reluctance to bid any higher than 97 on certain nonconforming loan types it specialized in.A bank memo provided to MortgageWire reports that, "The major Wall Street firms and other national conduits that bid on our products effectively took down all of their product matrices or offerings this week therefore making our ability to accumulate a profitable product type virtually impossible." It adds that the market "took a drastic turn for the worse on March 1st and has left virtually no-bid for any doc type other that full or stated under [a 90% loan-to-value ratio]. Combo seconds are no longer a viable product type either." At deadline time the bank had not returned telephone calls about the matter. The memo, penned by Jeff Moore, a managing director at the bank, adds: "This is one of the worst liquidity crises for the mortgage industry in decades."
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28