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.
Cowen analyst Jaret Seiberg: “Our expectation is that FHA borrowers will be the first to suffer if Congress fails to extend enhanced unemployment benefits"...
The added cost associated with servicing a mortgage in forbearance gives servicers an incentive “not to follow the mandates of the CARES Act and implementing guidance,” investigators said.
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.
While most non-agency MBS servicers specialize in handling either prime mortgages or expanded-credit loans, Shellpoint services large volumes of both loan types.
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