Credit Suisse First Boston, New York, has agreed to buy 100% of the outstanding stock of SPS Holding Co. and its subsidiary, Select Portfolio Servicing, for $144.4 million.SPS, a major servicer of nonprime mortgage loans, is being acquired from the PMI Group, FSA Portfolio Management, and Greenrange Partners. Under the agreement, CSFB will make future contingency payments of up to $39.9 million for mortgage loans currently serviced by SPS on behalf of third parties. The transaction is expected to close in the fourth quarter. SPS services collateral underwritten by CSFB, and CSFB said it plans to integrate SPS into its mortgage securities business. SPS was formerly known as Fairbanks Capital Corp.
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Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
7h ago -
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
8h ago -
Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
9h ago -
The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
11h ago -
Fannie Mae's latest economic forecast no longer expects mortgage rates to go below 6% next year, and that is affecting its views on loan origination volume.
November 21 -
Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
November 21