Changes are afoot at Acra Lending, which helped revive the nonprime sector early last decade. On the to-do list: a retail shift and a partnership with ServiceMac.
The slope also remained slippery for home-equity debt outstanding. The Federal Reserve reported $441.6 billion of home-equity loans outstanding at the end of 2020, an 11.9% drop from the previous year.
The company added: “We cannot predict the continued impact of an increased interest rate environment on our originations or gain-on-sale margins. Further, there is no assurance that these preliminary results will be indicative of our final results for the three months ended March 31, 2021 or in any future period.”
“More than 11% of borrowers in forbearance have now exceeded the 12-month mark,” said Mike Fratantoni, MBA’s SVP and chief economist. “We anticipate that servicers will be busy over the next month"...
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