At Finance of America, fourth quarter revenues came in at $539 million, down 10.9% sequentially. Pre-tax income totaled $153 million compared to $242 million in 3Q20.

PennyMac is hardly alone, but its disclosure reveals just how profitable the strategy can be...

Meanwhile, the CFPB issued a report that warns of widespread evictions and foreclosures once “federal, state, and local pandemic protections come to an end, absent additional public and private action.”

One consultant asks: Why would you want to retain servicing in a state with really high delinquencies?”

Not only was PennyMac Financial able to up the deal size from $500 million, but its cost to borrow came in at 4.25% per year.

Barry Habib, who makes his living telling lenders when to lock their rates, blames the rising 10-year on all the government stimulus that’s flooded the market the past year, including the pending $1.9 trillion shot in the arm...

Republican Sen. Toomey said Democrats’ over-aggressive fiscal policies and the Fed’s downward pressure on interest rates threaten to trigger asset bubbles.

Never in the annals of mortgage banking has one nonbank ever put together a half-year where net profits landed north of $5.25 billion. Note: Quicken’s gain-on-sale margin for 4Q20 was calculated at 441 basis points compared to 578 bps in 3Q20.