Friedman, Billings, Ramsey Group Inc., Arlington, Va., has agreed to acquire nonprime lender First NLC Financial Services, Deerfield Beach, Fla., in a deal valued at $88 million.FBR will pay for First NLC through both cash and stock. First NLC was reacquired by company management in 1999 in conjunction with Sun Capital Partners, Boca Raton, Fla., from IMC Mortgage Co., then of Tampa, Fla. First NLC will become part of FBR's principal investment group, but operate as a wholly owned subsidiary with its current management in charge. FBR is looking to expand the type of mortgage assets it holds in its real estate investment trust portfolio, and plans to portfolio a significant portion of First NLC's production. FBR says it expects average return on equity from nonprime mortgages of 25%-30% over the life of the asset, and thus it intends to allocate between one quarter and one half of its REIT portfolio to these loans in the short term.
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Jonathan Gould, President Donald Trump's pick to lead the Office of the Comptroller of the Currency, passed through the Senate Banking Committee on a party-line 13 to 11 vote.
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United Wholesale Mortgage led its industry peers in total origination volume, though Rocket Mortgage and Crosscountry weren't that far behind.
1h ago -
Mortgage rates remain in the 6.6% range, with the tariff news so far having little impact, but could change given the 35 basis point drop in the 10-year yield.
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The underlying prime mortgages have an average balance of $358,024, a weighted average (WA) original FICO score of 776, an original cumulative loan-to-value (LTV) ratio of 73.6%.
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UWM, embroiled in an us-or-them feud when it comes to business partners working with Rocket, terminated its subservicing and sales deals with Mr. Cooper.
3h ago -
Compliance concerns prevent some lenders from moving toward development of an AI plan or policy, but hesitancy may turn out to be a poor business strategy.
4h ago