Saxon Capital Inc., a residential mortgage lender and servicer based in Glen Allen, Va., has announced that its board of directors has authorized the company to convert to a real estate investment trust.Saxon said it plans to carry out the conversion, which requires shareholder approval, through a series of mergers among newly formed Saxon entities. The company said it expects Saxon shareholders to receive one share of the REIT common stock, plus a cash consideration, for each share of Saxon common stock they own. Saxon can be found on the Web at http://www.saxoncapitalinc.com.
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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.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24