Fitch Ratings has assigned Wachovia Bank NA an RPS2 residential primary servicer rating for home equity and prime products.Fitch said the rating is based on the company's "experienced and tenured management team, effective performing-loan management procedures, and its extensive training programs." Fitch rates residential servicers on a scale of 1 to 5, with 1 being the highest rating. Wachovia Bank, based in Charlotte, N.C., can be found online at http://www.wachovia.com.
Jay Farner takes a majority ownership stake in Detroit's professional soccer franchise through the investment group he launched after leaving Rocket in 2023.
The major government-related secondary-market loan buyer is moving to a new approach that mortgage companies can start transitioning to later this year.
Short-sale transactions increased 4% from 2023 to 2024, nearly 10% from 2024 to 2025 and about 16% annually in the first quarter of this year, according to Realtor.com.
The 30-year fixed rate loan average is at its highest since August, while the 15-year is now above where it was one year ago, Freddie Mac found.
A one-time chief lending officer for Heritage State Bank has been barred from the industry for signing off on mortgages backed by over-valued appraisals.
Sales trends for new homes are on the upswing, another reason mortgage lenders need to keep an eye on this segment, the Mortgage Bankers Association found.
