Zacks Equity Research, Chicago, has initiated coverage of Thornburg Mortgage with a Hold rating.Zacks said Thornburg had a "mediocre" quarter, citing "intense competition and a still-flat yield curve" that have suppressed margins. Conditions will "continue to worsen" over the next six months, and Thornburg "will have difficulty covering the dividend" next year, Zacks predicted. "On the other hand, originations in the third quarter were robust, and the company is on target to exceed last year's origination volume by 10%," the research firm said. "In addition, the company's [adjustable-rate mortgage] portfolio has an excellent credit profile, where default risk is minimal." Zacks can be found online at http://www.zacks.com.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
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But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
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