Corporate finance

The lender has shed nearly 80% of its expenses in the past year, in part through massive downsizing.

Demand-driven inflation will continue to be a problem in the U.S. economy until we somehow work through trillions of excess liquidity provided by the Federal Open Market Committee, writes the Chairman of Whalen Global Advisors.

Both Keefe, Bruyette & Woods and BTIG believe the transaction — key to spinout of the mortgage business — will be completed despite the opposition of Sculptor founder Dan Och.

All six companies reported a shift on a quarter-to-quarter basis, and most were still off from a year ago.

BofA's fintech accelerator launch and Guaranteed Rate's new insurance offering via a brokerage spinoff are among the latest fintech stories.

The privately held company added a retail branch network and a $10 billion servicing portfolio — and is looking for more.

The fintech is reducing its sales and marketing expenses and promoting a healthy pipeline of consumer banking products, representatives said.

The company, which recently divested in the forward mortgage business and sold off its title services unit, reported a $222.5 million loss.

But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.

The lender and servicer posted its highest pull-through weighted gain-on-sale margin in almost two years while recording modest production growth.

The REIT issued its second securitization of the year in June, while also purchasing or locking $50 million in newly originated loans.

The real estate investment trust declined to comment on its bid to buy Western Asset Mortgage Capital, a company that received a sweetened competing offer from Terra Property Trust last week.

Radian and MGIC grabbed a larger portion of new insurance written during the period while maintaining pricing discipline.

The turnaround was due to a $42 million positive servicing mark. Even with the operating loss, it beat estimates.

The mortgage shop's net income was $36.9 million in the second quarter, up from a net loss of $37.2 million in the first three months of the year.

A second quarter profit followed two fiscal periods in the red, but the firm had to overcome a $33 million negative mortgage-servicing rights valuation.

But its mortgage business remains a money loser, and it wasn't a great period for the acquisition target either.

The company, whose core business is helping real estate agents connect with homebuyers, said it's projecting third-quarter revenue of $458 million to $486 million.

Total net income at the company grew to $357 million in the second quarter, more than four times higher from three months earlier.

But the senior housing portfolio is starting to show signs of significant stress, causing the multifamily sector's delinquency rate to rise by 200% year-over-year.