Wells Fargo accounted for most of the improvement in servicing profits among a group of 14 public companies. Earnings from origination and secondary marketing remained sky-high. (Includes data chart.)
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The newly public mortgage lender, Guild, reported $182.1 million in net income for the third quarter while the soon-to-be listed Finance of America posted net earnings of $241.6 million.
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The top three banks reported a combined $2.3 billion in mortgage banking income for the third quarter of 2020, up $1.3 billion from the prior period. (Includes data chart.)
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Immediate actions by lawmakers is essential to prevent a national foreclosure crisis early next year, consumer groups believe. In a new Census Bureau survey, more than a third of the respondents said they may face foreclosure or eviction in the next two months.
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The new deadline will allow Oceanwide to move forward with other regulatory measures needed to close the transaction after it was re-approved by the National Development and Reform Commission in China.
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The traditional models used to predict consumer credit performance and newer machine learning methods can be extremely inaccurate, according to a new report.
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