The stock market pessimism on Tuesday extended to real estate finance stocks. All but two members of the Mortgage Industry Equity Composite closed lower as
Redwood Trust gained 2.13% as UBS gives the real estate investment trust a buy recommendation. Astoria Financial is up 0.62% as the stock breaks its 52-week high.
MGIC Investment Corp., which announces its 3Q13 results tomorrow morning, is down 4.35%. KB Home is down 3.19%, while Radian Group closes 2.33% lower.
A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.
Roughly a third of homeowners with a mortgage rate less than 6% would not give up their rate for any reason, according to a survey of 1,000 mortgage holders.
In other news, Better Mortgage completed warehouse renewals and Wolters Kluwer provided a new form of access to its digital vault platform for secured parties.
A United Wholesale Mortgage executive stepped in to defend a claim against the company, as consumers pelt the industry with more spam call complaints.
Adam Boyd, a veteran financial services executive with more than 25 years of experience, will head the growth of Rate's consumer lending platform.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
