Are Fannie Mae and Freddie Mac on different pages when it comes to restructuring their servicing fees? That's hard to say because executives at both GSEs aren't exactly sharing their innermost feelings on the topic with me (though if they want to please email me at:
The reverse mortgage lender's net income fell 136% from $80 million year over year in the second quarter, but still increased funded volume by 21%.
The lender's loss shrank to $6.6 million, but a rate-driven servicing valuation gain drove much of it as adjusted losses widened annually.
Lenders reported July declines of HECM endorsements and new securities issuances, but proprietary lending drove a 28% year-over-year surge in originations.
The real-estate investment trust affiliate has been focusing on making more funding available for new loans but also seeks to hold the line on credit quality.
Opponents argued that Provident Bank, which bought Lakeland in 2024, had yet to disburse millions of dollars remaining on a mortgage subsidy fund.
The competitive and controversial leader, who will stay on the board, oversaw rapid growth but also a massive downsizing, and a notorious mass firing over Zoom.
