Mounting losses force loanDepot to amend loan agreements

Mortgage lender loanDepot, based in Orange County, California, has more bad news tucked away in its latest quarterly earnings report filed with the U.S. Securities and Exchange Commission (SEC) — beyond announcing it was shutting down its wholesale division after posting a second quarter loss of $223.8 million, following on the

Read more

Redwood Trust, Angel Oak Mortgage awash in red ink in Q2

Redwood Trust Inc., a real estate investment trust (REIT) based in Mill Valley California that has residential operations focused on nonagency jumbo loans, recently reported a second-quarter 2022 net loss of $100 million, after recording a net gain of $31 million in the prior quarter. Likewise, Atlanta-based Angel Oak Mortgage Inc.,

Read more

Homepoint takes $44M loss in Q2 amid price war

Home Point Capital, the parent company of wholesale lender Homepoint, took a loss in the second quarter of 2022, even after reducing costs and selling mortgage servicing rights.  The company reported reduced volume and lower margins caused by surging rates and an aggressive pricing strategy from its rival United Wholesale Mortgage (UWM).  Homepoint,

Read more

FHFA: GSE servicers must keep fair lending data

In a move the Federal Housing Finance Agency said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data. Starting March 1, 2023, servicers will be required to maintain data on borrowers’ age, race, ethnicity, gender and preferred language. The data will stay

Read more