Rocket Cos. returned to profitability in the second quarter even with a Spring home sales market which started off poorly, but has been gaining momentum month-by-month that should continue beyond September, company management said. During the quarter, the company reported net income of $34 million. This compared with a first quarter loss of $212 million. […]
Rocket profitable in Q2 in spite of weak spring market Read More »
Intercontinental Exchange touted Encompass wins in the second quarter and revealed coming technology upgrades that it expects to enhance mortgage bond trading in its latest earnings call. The company’s mortgage technology unit reported growth on both a quarterly and annual basis, with operating income coming in at $11 million in the second quarter. Operating margin
ICE plans upgrades to improve mortgage securities trading Read More »
A rule establishing permanent foreclosure protection measures for Department of Veteran Affairs borrowers was signed into law by President Donald Trump Wednesday, after a previous iteration of a federal servicing program expired earlier this year. The VA Home Loan Program Reform Act, which was introduced by Rep. Derrick Van Orden R-Wis., aligns servicing guidelines with
VA foreclosure prevention bill signed into law by Trump Read More »
While Attom’s recent quarterly numbers for the share of underwater mortgages show improvement in the near term, the percentage is running higher than it was a year ago, revealing regions with stress. The share of seriously underwater loans relative to all outstanding mortgages stood at 2.7% at the close of the second quarter, according to
Underwater mortgages post uptick from year-ago levels Read More »
Two, an investor and originator/servicer, recorded anticipated expenses from a dispute with a former external manager that weighed down second-quarter earnings as it navigated secondary market disruption. The real estate investment trust and owner of Roundpoint Mortgage Servicing reported a more than $270 million net loss to common shareholders (over $257 million including preferred and
Mortgage REIT Two weathers volatility and legal costs Read More »
A Newrez spinoff is temporarily off the table, as its parent company focuses on maximizing the mortgage lender’s value to support the overall business, Rithm Capital leaders said in its latest earnings call. After reproposing the idea of a Newrez public listing two years ago, company leaders said optimizing its earnings potential for Rithm would
Newrez spinoff delayed as Rithm eyes growth Read More »
Private flood insurance use rose notably in recent years as utilization of federal coverage inched down due to adjustments to public programs that have included more latitude in the mortgage sector. Over the last four years, private coverage grew 20% while public policies the National Flood Insurance Program offers receded by 2%, according to a
Private flood insurance growing as federal coverage recedes Read More »
The New York Supreme Court has weighed in on a contractual dilemma Wells Fargo has reportedly faced as a residential mortgage-backed securities trustee with a responsibility to oversee investor payment distributions impacted by unforeseen policy changes. A judge has ruled on how trustees and servicers should handle forborne principal from loans in the now-defunct Home
New ruling answers legacy mortgage bond servicing question Read More »
Customer satisfaction with mortgage servicers has plummeted this year, with an average satisfaction score that’s now much lower than the typical score for mortgage originators. That’s according to J.D. Power‘s 2025 U.S. Mortgage Servicer Satisfaction Study, released onThursday. J.D. Power said the gap comes down to communication and service. While 30-year mortgage rates remain high
Customer satisfaction with mortgage servicers is fading Read More »
For the first time, J.D. Power is comparing trends it sees in mortgage servicer customer satisfaction scores with what’s happening on the originator side. This analysis is telling of a business going in two different directions. While the latest originator survey, released in November, found a 3-point year-over-year drop, the industry average was still a
Servicers lag originators in J.D. Power scores Read More »