Subprime servicers are starting to provide data on their loan modification efforts to a working group of state attorneys general and banking regulators, according to New York Banking Superintendent Richard Neiman. The multistate working group, headed by Iowa Attorney General Tom Miller, began working with subprime servicers last summer to make sure distressed homeowners are getting the assistance they need to avoid foreclosure. However, Mr. Miller's group has been shut out of the loan modification efforts led by Treasury Secretary Henry Paulson and the Hope Now alliance of servicers. "I found it curious and disappointing that the Treasury's Hope Now alliance did not include a state government representative," Mr. Neiman told the Exchequer Club. "This omission could undermine the group's effectiveness, because it is missing the perspective from an important regulatory partner, which is the sole supervisor for a significant portion of the mortgage industry."
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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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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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