TRAC Financial Group Inc., Huntington Beach, Calif., which says it will pursue merger-and-acquisition candidates in the mortgage industry, has announced a change in its trading symbol to reflect its name change from Paramco Financial Group.The company will now trade on the Pink Sheets under the symbol TCFG. TRAC said it has undergone a restructuring of its capital and will operate as a financial services holding company. The company said it plans to acquire mortgage brokers and mortgage bankers with production consisting of loans to entry-level Federal Housing Administration borrowers as well as luxury homebuyers.
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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.
March 28