CEO Jay Bray says the loan servicing giant intends to “hit the ground running” when it merges with Rocket Companies later this year after turning a $198 million Q2 profit. Continue reading
Deal gives the nation’s biggest provider of riskier “non-QM” mortgages additional capacity to offer more traditional loans backed by Fannie and Freddie, FHA, VA and USDA. Continue reading
Dallas-based loan servicer is using AI to collect monthly mortgage payments from 6.7 million homeowners, a business that generated $393 million in pretax income during the fourth quarter. Continue reading
Deal to acquire Flagstar’s mortgage servicing business and correspondent lending platform is projected to grow Mr. Cooper’s servicing portfolio to $1.59 trillion. Continue reading
A majority of the 1,200 Flagstar employees being let go in $1.4 billion sale of the company’s mortgage servicing business will be offered the opportunity to transfer to Dallas-based Mr. Cooper. Continue reading
In bankruptcy court, the Huntsville, Alabama-based mortgage lender says it plans to repay creditors by claiming more than $20 million in tax credits and clawing back $1 million from warehouse lenders. Continue reading
JPMorgan Chase Bank has agreed to buy about $5 billion in mortgage warehouse loans from NYCB. Flagstar will continue retail and wholesale mortgage lending and servicing operations. Continue reading
Wall Street investors believe promises made by new leadership of New York Community Bancorp, but concerns about the impact of interest rates and commercial lending on regional banks remain. Continue reading
Worries about commercial real estate are making jumbo mortgages costlier, since regional banks are a major provider of loans that are too big for Fannie Mae and Freddie Mac. Continue reading
Troubled New York Community Bancorp is reportedly ready to pledge about $5 billion in home loans originated by Flagstar Bank as collateral for risk transfer that would bolster its capital. Continue reading