On Friday, Black Knight released its weekly forbearance report, declaring that 5.2% of all mortgages were in some form of relief, a 92,000 unit decline for the seven-day period ending Jan. 5. The data analytics vendor said despite what looked like positive news, it cited a “troubling slowdown in the rate of improvement.”
Although a press statement on the transaction notes the number of shares and price range has yet to be determined, the S-1 filed with the SEC says the maximum offering size is $100 million.
Sound crazy? Not necessarily and not if you factor into the equation the fact that company owners — should they so choose — have the right to pull cash out of their firms.
According to figures compiled by Inside Mortgage Finance, SoFi sold roughly $1.9 billion of home mortgages to Fannie Mae in 2020, including $670 million in the fourth quarter alone.
The regulatory language — years in the making and prompted by the growing market share of nonbank servicers — addresses capital, liquidity, stress testing and risk management among other things.
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