Stocks

The selloff in US equities accelerated Monday, with major averages tumbling to their worst day this year, as investors braced for a slowdown in the American economy.

Third-party origination operations are also going to Mr. Cooper in the $1.4 billion deal, in which the seller cited interest in improving its capital position.

Shares of real estate companies jumped as much as 3.1% Thursday for their biggest intraday gain of 2024, climbing to their highest level since March as investors snap up homebuilder, digital and commercial real estate stocks alike.

Radian joins existing shareholders in the new financing, which adds to a Series A round of $19.8 million conducted in 2020.

Like some other servicers, it recorded a positive change in valuations during the first quarter, contrasting a negative adjustment in the previous period.

The digital lender disclosed a prolonged low stock price could have forced it to redeem a $528 million convertible note from sponsor SoftBank.

The board has reduced some aspects of Rithm CEO Michael Nierenberg's pay, but also significantly raised the performance-based component.

The company, which has paired down its operations to concentrate on reverse mortgages, got a similar notice in December.

Other servicing gains helped Mr. Cooper profit despite negative mark-to-market valuations and cyberattack costs that led to lower consecutive-quarter results.

Chairman and CEO of Pennymac, David Spector, said the one-time cost will allow the company to retain ownership of a proprietary system that could build value for investors.