Much of the decline in income was tied to the fair value of investment securities as interest rates on mortgages increased during the quarter and spreads widened somewhat.
Deliveries to Fannie Mae and Freddie Mac of mortgages with private MI more than quadrupled from the third quarter, hitting $6.58 billion in the fourth quarter.
Sen. Elizabeth Warren, D-MA, the ranking member of the committee, said she was prepared to vote in favor of Turner’s nomination but first wanted to see results from a pending background check on the nominee by the Federal Bureau of Investigation.
The brunt of insurance burdens tied to natural disasters fall on property insurance providers, though private MIs could see an uptick in delinquencies.
It will be the 11th issuance of its type by loanDepot.
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