Silvergate Bank has been in the news because of its crypto-finance-related business. But the depository is now in the process of trying to quietly pull out of warehouse lending. What’s going on? The bank isn’t talking.
It’s been a roller coaster ride for Finance of America and its shareholders. Rising rates have hammered its business lines and it’s anticipated the company will exit the MSR arena. FoA went public just over 18 months ago.
It’s been tough sledding for Finance of America this year but it has plenty of company. Then again, the shop is under extra scrutiny since it was once the property of The Blackstone Group.
A new pricing scheme at Fannie and Freddie led to a steep decline in their purchases of high-balance loans in the second quarter. Meanwhile, non-agency jumbo — and the FHA — saw increased production. (Includes three data charts.)
Mortgage lenders are trying to cut costs as quickly as possible as originations evaporate. Only so many companies can survive a much smaller market, turning the business into a game of musical chairs.
Big banks boosted their appetite for jumbo mortgages in the past decade thanks to regulatory changes following the 2008 financial crisis, according to a new finding from the Federal Reserve Bank of New York.
There’s not much left at non-agency lender Sprout Mortgage but there are plenty of rumors, none of them good. Meanwhile, mortgage fintech Better.com has been adding senior managers.
It’s not every day that a mortgage company files for bankruptcy protection, especially one owned by PIMCO. As for the future of that mortgage company, FGMC, a sale of its licenses is expected. After that, it’s game over.
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