FoA, which has been creeping into the expanded-credit sector in recent years, including fix-and-flip loans, is looking for a new CEO. The company became a public entity roughly 15 months ago.
What does the CEO of a publicly traded fix-and-flip lender earn? About $1 million a year in pay and stock. Then again, there’s only one such firm: Sachem.
Sponsors of non-agency mortgage-backed securities have been busy of late. One goal is to clear out older, lower-yielding paper. At least two recent deals fit the bill and more could be on the way.
When the financial outlook weakens, equity prices suffer and debt prices soon follow. Mortgage REITs are no exception. But overall, the cohort is holding up better than nonbank lender/servicers.
It was a good news/bad news story for the second-lien market in the first quarter of 2022. Production increased nicely but outstandings fell. (Includes three data charts.)
When interest rates rise, MSRs increase in value. It happened in 1Q22 and is a sure bet for 2Q. But the breadth of the second-quarter gains is likely to be small, advisors warn.
Changes could be coming to the CFPB’s QM rule. Then again, maybe not. Meanwhile, second-quarter earnings season starts soon, giving us a look into originations and MSR marks at the megabanks.