Fixed income

The company is formally launching a new “non-mortgage” unit that will provide small loans for home improvement projects.

The company, like many publicly-traded nonbanks, is looking for ways to address the downward pressure that a battle between two large competitors is putting on the wholesale channel’s profitability.

After the spinoff and a concurrent private sale to Bayview Asset Management, Genworth Financial will still own 80% of the rebranded Enact.

The unusually strong production numbers seen in the first quarter of this year show loanDepot is emerging as a contender in the battle for loan volume and market share amid an industry price war.

The company says its first quarter net income nearly doubled from its showing in Q4 2020, due in part to cost-cutting and servicing income. It also revealed more information about unauthorized payment drafts by its vendor.

Depressed Treasury yields have kept mortgage rates under 3% recently, but positive economic news could indicate larger increases will follow this week’s uptick.

This is the first deal that serial acquirer FOA has announced since it went public on April 5.

While it’s the third straight week of a downward trend, borrowers likely have only a brief opportunity to take advantage of sub-3% rates before a reversal comes.

Although the company’s revenue and incomes spiked from year-ago levels, most benchmarks showed a decline from the fourth quarter.

Municipal bonds have a direct effect on the social and cultural character of cities, metropolitan areas, counties, and states. Munis and the initiatives they support such as public education, housing subsidies, public transit systems, and more, can often be linked to local or regional politics. Join Lynne Funk, Executive Editor at The Bond Buyer and Destin Jenkins, Neubauer Family Assistant Professor of History at the University of Chicago as they explore how municipal bond mismanagement can have contrasting influences on the different ethnic groups in our cities.