There's been occasional chatter among bottom feeders that Fannie Mae is contemplating selling nonperforming loans in the secondary market. Why sell an NPL instead of real estate? Mortgage professionals can answer that question themselves. Meanwhile, Fannie supposedly has a bulk REO package out for bid. An investor who viewed the offering circular (online, that is) said one segment on properties in the Indiana market has been labeled "Basketball"…
Sen. Elizabeth Warren and other senators sent a letter to six insurers challenging their use credit-based insurance scores to determine risk-based pricing.
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.
