Prior to the 2008 housing crisis, the supply of new housing units dipped below 1.25 million only once, in 1982. Following the crisis, the supply didn’t rise above 1.25 million until 2017.
Top-ranked servicer Ocwen Financial is trying to put its problems in the rear view mirror. But a new problem has arrived on its doorstep: Ultra low rates (again), courtesy of the coronavirus.
Mr. Cooper, the nation’s third largest residential servicer, reported strong earnings for the fourth quarter, aided by deferred tax assets and a mark-to-market gain.
Officials from the Federal Reserve have warned about redlining and steering risks from digital targeted advertising, though it may be the best way for lenders to market their products.
Adoption of eNotes has been limited, though activity surged in 2019 led by Quicken Loans and warehouse lenders. There are benefits for lenders willing to deal with the problems that accompany electronic processes.
BlackRock transferred $589 million of stock in PennyMac Financial Services, accounting for a 20% stake in the lender, to two of its affiliated charitable entities. BlackRock initially invested $34 million in PennyMac in 2008.
Freedom Mortgage’s planned acquisition of RoundPoint Mortgage Servicing is the latest example of delays in merger and acquisition deals. Factors delaying transactions include approvals from Ginnie and state regulators.
The homeownership rate hit a six-year high at the end of last year, with low interest rates helping homebuyers even as prices increased at a steady pace. Low inventory of homes for sale could lead to affordability issues this year.
A new survey finds millennials’ path to homeownership strewn with such obstacles as debt, little to no savings and unaffordable home prices. But this age cohort is willing to do anything to own a home.
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