Fannie Chief Financial Officer Celeste Brown credited the recently adapted current expected credit loss (CECL) standard for the improved showing because the mortgage giant now looks at lifetime losses whereas before it would have just looked ahead two years.
According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.
Wade takes the helm of the government’s mortgage insurer at a tumultuous time: FHA production is strong but the COVID-19-related forbearance rate on such loans are beginning to inch up as the employment picture worsens.
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