The nonperforming loan auction market is a tricky wicket. Just when you thought activity was picking up, new reports emerge suggesting that even though some large portfolios are hitting the market that sellers are once again getting picky on pricing. (You would figure that beggars can't be choosey.) Any way, Wells Fargo has a new offering out there as does GMAC. (See the upcoming edition of
Rate movements changed market dynamics from early-year forecasts, contributing to risk signals in one out of every 119 applications, according to Cotality.
The company's affiliate has been issuing non QM deals that include a small percentage of second liens, some of which also involve alternative documentation.
July sales rose 7% compared with the previous year, but a 7.7% drop in pending listings indicates future loan volume is drying up, according to Zillow.
The 3 basis point gain in the 30-year fixed comes as investors are now pricing in the likelihood of a Federal Reserve short-term rate hike in September.
Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales and negative fair value changes hurt the bottom line.
As generative and agentic AI gain traction, the possibility of model drift grows, with consequences ranging from poor loan decisions to reputational hits.
