One large bank recently marked down a payment option ARM portfolio to just 10 cents on the dollar, according to some participants at SourceMedia's servicing show. The story about the POA portfolio could not be confirmed but it illustrates how worried some banks are about the quality of their POA holdings. âThis was a stated income POA product,â said one loan auctioneerâ¦
Rocket Cos. fell just $200 million short of United Wholesale Mortgage in Q1, as servicing recapture from its massive MSR portfolio fueled $44.7B in closed loan volume.
The buyer will add around 800,000 loans to its hefty servicing portfolio, while Valon said it will shift away from servicing to focus on technology.
The new law, which will mandate the Bureau of Indian Affairs to approve or deny loan applications within 30 days, passed with wide bipartisan support.
The real estate technology company reduced its workforce and consolidated select vendor relationships. These moves will save the company roughly $2 million.
The lenders' examples of using generative artificial intelligence were more practical than transformational, but in any case data challenges represent a common problem.
The 30-year fixed spiked earlier in the week, but fell as Middle East news helped to drive the 10-year Treasury yield lower by 9 basis points by Wednesday.
