In its recent IPO filing vulture fund PennyMac noted that the FDIC's Legacy Loan Program "has the potential to be a significant source of investment opportunities for us." But over the past two days it has become clear the FDIC is now going to use the LLP for mostly receivership assets. For the full story visit
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.
The lender says it's willing to "cut costs deeper" if macroeconomic conditions hinder it from reaching a breakeven adjusted EBITDA goal later this year.
