Wolters Kluwer Financial Services is offering to help mortgage servicers modify the loans of distressed subprime borrowers who face onerous rate resets.WKFS, a provider of compliance, content, and technology systems to the industry, says it can help servicers modify loans rapidly with a standard but customizable set of documents and packages that let servicers freeze the interest rate of their borrowers' existing adjustable-rate mortgages for a specified period or convert those ARMs to fixed-rate or interest-only loans. The company said it can provide secure electronic delivery of completed document packages to borrowers and all other parties, including electronic signature capabilities for the borrower's acceptance.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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