Two classes of Truman Capital Mortgage Loan Trust securities have been downgraded by Fitch Ratings.Class B of series 2002-1 was downgraded from BB to B, and class B of series 2002-2 was downgraded from BBB to BB. Fitch also affirmed the ratings on eight classes in the two deals. The downgrades were attributed to higher-than-expected losses that have reduced overcollateralization. The rating agency can be found online at http://www.fitchratings.com.
The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.
Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.