SecurityNational Mortgage Co., Salt Lake City, has announced the renewal of a $250 million warehouse line of credit with Countrywide Warehouse Lending.The company said the credit facility is divided equally between a traditional warehousing structure and an early purchase facility. The company also has a $200 million credit facility with UBS that was renewed earlier this year.
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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