Corporate finance

Economic uncertainty weighed on risk appetite, but the current performance of the non-QM market is "durable," Angel Oak leaders said in an earnings call.

The company revised the deal after consulting with Ginnie Mae and reported lower earnings due to rate volatility, refinancing and FHA delinquencies.

Fannie Mae and Freddie Mac's support for the market lessened the impact, as could bank capital reform, and the company's normalized results outperformed.

The technology firm posted annual gains in servicing, origination and closing solutions, although the segment at large posted an operating loss.

Growth in retained and investment portfolios drove gains as the government-sponsored enterprise reported the highest refinancing share seen in four years.

Using a non-GAAP measurement, the real estate investment trust, preparing to be bought by CrossCountry, reported a $25 million loss for the first quarter.

The government-sponsored enterprise recorded $98.7 billion in single-family loan acquisitions to begin the year, including over $43 billion in refinances.

CrossCountry increased its agreed-to offer for the real estate investment trust by 50 cents per share, as UWM Holdings made an unsolicited bid on April 20.

The former Wall Street player blamed its decline on rising interest rates, trouble at its lending subsidiary, and debt stemming from the Great Financial Crisis.

Newrez expects significant expense reductions from AI partnerships with HomeVision and Valon, as executives rule out mergers and a Rithm spinoff amid strong Q1 earnings.

The Long Island-based regional bank, which has been in turnaround mode for two years, reduced its earnings per share guidance for 2026 and 2027. It cited an expected decrease in net interest income due to higher levels of payoffs and paydowns in commercial real estate.

But in its earnings release, parent company Hilltop Holdings warned its full year 2026 results are going to be impacted by things outside of its control.

An uptick in problem loans within the heavily scrutinized office sector pushed down share prices at Rhode Island-based Washington Trust and Bank OZK in Little Rock, Arkansas, even though both banks reported solid profits.

Builder mortgage units saw Q1 profit slides (NVR down 17%) despite an 11% rise in new home loan applications. Overall homebuilder net income dropped, and sales incentives remain high.

An independent auditor raised "substantial doubt" about the company's viability as it may not be able to extend forbearance deadlines on massive debts.

CEO Tim Spence said folding in the acquired bank has gone to plan so far, but the biggest point of risk is still on the horizon.

Both Chase and Wells Fargo had a 15% reduction quarter-to-quarter in mortgage originations, more than the industry forecast for a 6% drop-off, Keefe, Bruyette & Woods noted.

Lennar's first fiscal quarter earnings were down by more than half after three years of persistent trials which are testing consumer confidence and sentiment.

CEO Vishal Garg said he expects his firm's brokering loans for Credit Karma to make the consumer platform the largest originator in the country.

On an adjusted basis, reverse mortgage company Finance of America reported $14 million in net income, down from $33 million in the third quarter.