Non-QM lender/servicer Acra is in the hunt for a new CEO. Other changes may be in the offing too — as the sale of Acra’s parent, HPS, to BlackRock draws closer.
Hearing scheduled for May 16 to analyze massive layoffs at CFPB; Fannie economists slightly lower forecast for mortgage rates; Horizon Bank sells warehouse unit for a profit.
Origination giant Rocket is purchasing servicing behemoth Mr. Cooper at a premium. The biggest risk for Rocket is that mortgage rates might finally decline markedly in the coming quarters. Or is that an advantage?
One bidder recently agreed to pay north of 6.25 times the servicing fee for a high dollar volume of agency MSR. Sound crazy? Maybe, but servicing prices are at a 25-year high for low-coupon product.
Rocket Mortgage believes the $1.75 billion acquisition will boost its purchase origination volume and lower the cost of customer acquisitions. It will also add new data to Rocket’s artificial intelligence algorithm.