Software giant Intuit Inc., Mountain View, Calif. -- the maker of the immensely popular Turbo Tax program -- has agreed to purchase direct/online lender Rock Financial, Bingham Farms, Mich., for $370 million in stock. Intuit already owns QuickenMortgage, an online loan broker that hopes to facilitate $1.2 billion in residential loan closings this year. Rock Financial, according to the Quarterly Data Report (http://mortgagestats.com), ranked 73rd among all lenders in the first half. Rock funds loans in its own name with its own money. QuickenMortgage does not. The marriage between the two should give QuickenMortgage the expertise -- including processing/underwriting/back office -- it needs to compete against the current residential online giants: E-Loan, Dublin, Calif.; Mortgage.com, Plantation, Fla.; and Countrywide Home Loans, Calabasas, Calif.
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Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
November 22 -
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
November 22 -
Freddie Mac is offering a municipal bond option for investors in its ML multifamily securitization offerings starting with its December issuance.
November 22 -
Investors bought 15.9% of U.S. homes sold in Q3, according to Redfin, a level similar to 2018 and 2019, when the share was around 14%.
November 22 -
The development is the latest in an ongoing series of initiatives the Department of Housing and Urban Development has introduced to encourage growth of the factory-built construction segment.
November 22 -
Serious mortgage delinquencies are at their highest since May 2023, and early payment default activity is also a concern, ICE Mortgage Technology said.
November 22