Stocks

Less than a year after a Series C capital raise, the title insurer formerly known as States Title is about to complete a merger with a special purpose acquisition company.

The acquirer will use the liquidation of a residential mortgage company’s assets to move several notches up in the rankings.

The shift to higher-margin home purchase policies helped to boost results at First American, Old Republic and Stewart.

While the unit saw a bigger increase in purchase volume compared to its competitors, net income, loan sales margins and total volume was lower compared with prior periods.

The cloud-based mortgage software company plans on trading on the New York Stock Exchange with a starting price of $24 to $26 per share.

The software provider’s offering hit the top of its price range estimate and started trading at $18 per share.

The bank's second quarter production revenue was down 32% from the first quarter, even as volume increased 4%.

The $16 billion Champion Mortgage portfolio sale follows Ocwen Financial’s purchase of different assets from MAM a few weeks prior.

The company is looking to sell 20 million shares, with a 3 million underwriters' option, at between $16 and $18 per share.

It is only a modest positive for new publicly-traded mortgage companies if acting Federal Housing Finance Agency head Sandra Thompson rolled back the caps put in place by the agreement with the Treasury.

The company plans on trading on the New York Stock Exchange under the ticker symbol BLND

Investors appear to support the notion that lending to borrowers who don’t have traditional incomes could be a growth engine for lenders as other sources of volume weaken.

While the company did notify the public and regulators in May 2019, executives were not aware at the time that there was previous knowledge of the security vulnerability within the company.

The alternative minimum tax would challenge at least one influential nonbank and big depositories, according to a new Keefe, Bruyette & Woods report.

The transaction goes a long way toward the company’s goal to amass MSRs with a total unpaid principal balance of up to $150 billion.

The newly public company expects a 20% overall loss in adjusted earnings this year.

Stock prices for the four stand-alone MI companies have declined significantly since the start of May.

Altisource Portfolio Solutions’ bottom line took a larger hit in the first quarter compared to Q4 2020, causing the company to cut costs.

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.