Layoffs? Don’t tell that to loanDepot. In a press statement earlier in the week, company founder and CEO Anthony Hsieh pledged to hire 3,000 employees by the end of 2020…
Meanwhile, on Tuesday morning, S&P Global downgraded a handful of large nonbanks, including Mr. Cooper, Ocwen Financial, and Freedom Mortgage, which rank third, 13th and 14th, respectively among servicers, according to figures compiled by Inside Mortgage Finance...
Banks have received two-year relief from the full impact of the new current expected credit losses accounting standard as they cope with broader impact of the coronavirus. Nonbanks are seeking similar relief.
Following pressure from industry participants and lawmakers, the Federal Reserve added legacy commercial MBS and CLOs to the TALF. Industry is hoping that eventually non-QM assets might be covered.
Velocity Financial raised capital by selling stock after plans to issue MBS were disrupted by volatility from the coronavirus. Several REITs also provided updates on their financials.