Origination

The parent company of Flagstar Bank surprised investors by slashing its dividend, charging off two large real-estate loans and preparing for more trouble in the office and multifamily sectors.

The company's building unit saw income slow, but the mortgage banking division number accelerated on both a quarterly and annual basis.

The net proceeds will be used to pay down borrowings on a credit line secured by its mortgage servicing portfolio.

The megabank failed to adequately protect and reimburse customers who were victims of wire-transfer fraud, according to a lawsuit by the New York Attorney General. Citi said that it follows all relevant laws and regulations.

Strategies used to falsify identities and property ownership highlight a public assistance vulnerability that could have implications for the mortgage industry.

A national gauge of prices climbed 0.2% in November from October, according to seasonally adjusted data from S&P CoreLogic Case-Shiller. That's slower than the 0.6% monthly gain in October.

Two Harbors, which also reported a gain in comprehensive income, recently completed an acquisition that made it the eighth largest conventional servicer.

Over 70 loans were allegedly sent to competitors by the independent mortgage banker, a suit filed by UWM alleges.

The ransomware attack compromised the personally identifiable information of over 199,000 mortgage customers.

A potential buyer with a budget of $3,000 per month for their payments is now able to afford an approximately $453,000 home.