Mortgage

Radian Releases Monthly Operating Statistics for June 2021

Retrieved on: 
Friday, July 9, 2021
Finance, Banking, Professional services, Residential Building & Real Estate, Construction & Property, Mortgage, Loans, Money, Finance, Mortgage insurance, Radian Group, Loan servicing, Mortgage loan, Forbearance, Economy, Bond insurance

Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released monthly operating statistics related to the credit performance of its insured portfolio for the month of June 2021.

Key Points: 
  • Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released monthly operating statistics related to the credit performance of its insured portfolio for the month of June 2021.
  • The information includes total new primary defaults, which include defaults under forbearance programs in response to the COVID-19 pandemic, as well as cures, claims paid and rescissions/denials.
  • The information regarding new defaults and cures is reported to Radian Guaranty from loan servicers.
  • The company considers a loan to be in default for financial statement and internal tracking purposes upon receipt of notification by servicers that a borrower has missed two monthly payments.

JOANN Completes Refinancing of First Lien Term Loan

Retrieved on: 
Thursday, July 8, 2021
Money, Finance, Economy, Mortgage, Property law, Banking, Business law, Lien, Refinancing, Libor

HUDSON, Ohio, July 08, 2021 (GLOBE NEWSWIRE) -- JOANN Inc.(NASDAQ: JOAN) (JOANN), the nations category leader in sewing and one of the fastest growing competitors in the arts and crafts category,announced that it has successfully completed the refinancing of its existing covenant-lite first lien term loan facility due October 2023.

Key Points: 
  • HUDSON, Ohio, July 08, 2021 (GLOBE NEWSWIRE) -- JOANN Inc.(NASDAQ: JOAN) (JOANN), the nations category leader in sewing and one of the fastest growing competitors in the arts and crafts category,announced that it has successfully completed the refinancing of its existing covenant-lite first lien term loan facility due October 2023.
  • The impact of the new $675 million covenant-lite first lien term loan facility is leverage neutral for JOANN as net proceeds will be used to fully repay existing borrowings under the prior first lien term loan facility, with the balance reducing the amount borrowed on its existing asset-based revolving credit facility.
  • The new first lien term loan facility matures on July 7, 2028 and lowers the applicable rate by 25 basis points to LIBOR plus 4.75%.
  • Our refinancing strategy extends our debt maturities and lowers our overall borrowing costs, stated Matt Susz, Chief Financial Officer of JOANN.

Greystone Provides $18.3 Million in HUD-Insured Financing for Multifamily Property in Grand Forks, North Dakota

Retrieved on: 
Thursday, July 8, 2021
Mortgage, Personal finance, Refinancing, United States Department of Housing and Urban Development, Greystone, Economy, Real estate

NEW YORK, July 08, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, has provided $18,320,000 in HUD 223(f) financing to refinance a 150-unit multifamily property in Grand Forks, North Dakota.

Key Points: 
  • NEW YORK, July 08, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, has provided $18,320,000 in HUD 223(f) financing to refinance a 150-unit multifamily property in Grand Forks, North Dakota.
  • The transaction was originated by Adam Yitzhaky and Ilan Bassali of Greystone on behalf of the Northridge Group.
  • The $18.3 million HUD-insured loan carries a 35-year term and amortization, along with a low, fixed rate.
  • Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.

LMP Automotive Holdings, Inc. Announces Board Approval for Debt Refinancing and Conditional Approval of a Stock Buy Back and Dividend

Retrieved on: 
Thursday, July 8, 2021
Mortgage, Personal finance, Refinancing

FORT LAUDERDALE, FL, July 08, 2021 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX) (LMP or the Company), an e-commerce and facilities-based automotive retailer in the United States, today announced that the Board has authorized a debt refinancing, and subject to the conditions of such debt refinancing, a stock buy back and dividend.

Key Points: 
  • FORT LAUDERDALE, FL, July 08, 2021 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX) (LMP or the Company), an e-commerce and facilities-based automotive retailer in the United States, today announced that the Board has authorized a debt refinancing, and subject to the conditions of such debt refinancing, a stock buy back and dividend.
  • On Tuesday July 6, 2021, LMPs Board of Directors authorized the refinancing of its current debt facility, in light of additional anticipated acquisitions in the pipeline.
  • At our current run rate, excluding our anticipated refinance and additional acquisitions, LMP expects cash balances to exceed $50 million, with excess cash of over $36 million by year end.
  • LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States.

Mortgage Rates Continue to Move Down

Retrieved on: 
Thursday, July 8, 2021
Mortgage, Money, Finance, Economy, Mortgage loan, Refinancing, Discount points, Fixed-rate mortgage, Second mortgage, Subprime mortgage crisis

Mortgage rates decreased this week following the dip in U.S. Treasury yields.

Key Points: 
  • Mortgage rates decreased this week following the dip in U.S. Treasury yields.
  • We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent.
  • 15-year fixed-rate mortgage averaged 2.20 percent with an average 0.7 point, down from last week when it averaged 2.26 percent.
  • Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

FormFree integrates AccountChek 3n1 into Encompass® for one-stop VOA/VOIE

Retrieved on: 
Thursday, July 8, 2021
Loans, Money, Finance, Mortgage industry of the United States, Mortgage loan, Underwriting, Economy, Mortgage

FormFree's AccountChek 3n1 securely delivers direct-source VOA and VOI/E data in less than a minute, significantly shortening loan application timelines and collecting critical underwriting documents earlier in the application process.

Key Points: 
  • FormFree's AccountChek 3n1 securely delivers direct-source VOA and VOI/E data in less than a minute, significantly shortening loan application timelines and collecting critical underwriting documents earlier in the application process.
  • For over 10 years, FormFree VOA has helped borrowers skip the paper chase when qualifying for a loan.
  • Borrowers send their direct-source financial data straight to lenders in an underwriting-friendly format that reduces delays, manual errors and fraud risk.
  • Key features include:
    "Now mortgage lenders can get all three core verifications assets, income and employment from one trusted partner within the familiar Encompass environment," said FormFree CEO Brent Chandler.

Orchard Global Recruits Top Talent to Manage Growing CLO Portfolio

Retrieved on: 
Thursday, July 8, 2021
Loans, Finance, Money, Collateralized loan obligation, Mortgage, Structured finance, United States housing bubble, CLO, Mortgage-backed security, Economy, Applicable margin reset

LONDON, July 8, 2021 /PRNewswire/ -- Orchard Global, a leading alternative assets manager, today announced that Rachit Prasad is joining as a Portfolio Manager focused on advancing the firm's strategies in the collateralized loan obligation (CLO) space.

Key Points: 
  • LONDON, July 8, 2021 /PRNewswire/ -- Orchard Global, a leading alternative assets manager, today announced that Rachit Prasad is joining as a Portfolio Manager focused on advancing the firm's strategies in the collateralized loan obligation (CLO) space.
  • Mr. Prasad comes to Orchard Global from Deutsche Bank, where he served as a Director on the highly regarded European ABS research desk covering leveraged loan CLOs and residential mortgage-backed securities.
  • "In both current and prior roles, our leadership team at Orchard Global has been instrumental in establishing the modern CLO market, and we are proud of our firm's strong CLO track record going back over 15 years," said John R. Young, Chief Investment Officer.
  • "Orchard has built a distinctive approach to identifying and capturing opportunities in the CLO market as well as offering strategic risk retention solutions to global CLO managers," said Mr. Prasad.

Orchard Global Recruits Top Talent to Manage Growing CLO Portfolio

Retrieved on: 
Thursday, July 8, 2021
Loans, Finance, Money, Collateralized loan obligation, Mortgage, Structured finance, United States housing bubble, CLO, Mortgage-backed security, Economy, Applicable margin reset

LONDON, July 8, 2021 /PRNewswire/ -- Orchard Global, a leading alternative assets manager, today announced that Rachit Prasad is joining as a Portfolio Manager focused on advancing the firm's strategies in the collateralized loan obligation (CLO) space.

Key Points: 
  • LONDON, July 8, 2021 /PRNewswire/ -- Orchard Global, a leading alternative assets manager, today announced that Rachit Prasad is joining as a Portfolio Manager focused on advancing the firm's strategies in the collateralized loan obligation (CLO) space.
  • Mr. Prasad comes to Orchard Global from Deutsche Bank, where he served as a Director on the highly regarded European ABS research desk covering leveraged loan CLOs and residential mortgage-backed securities.
  • "In both current and prior roles, our leadership team at Orchard Global has been instrumental in establishing the modern CLO market, and we are proud of our firm's strong CLO track record going back over 15 years," said John R. Young, Chief Investment Officer.
  • "Orchard has built a distinctive approach to identifying and capturing opportunities in the CLO market as well as offering strategic risk retention solutions to global CLO managers," said Mr. Prasad.

Embrace Home Loans Adds Two Vice Presidents of Market Growth

Retrieved on: 
Wednesday, July 7, 2021
Embrace Home Loans, Mortgage loan, Finance, Money, Mortgage, Subprime mortgage crisis

Pamela Summers and Tyler Rhea joined the company as vice presidents of market growth.

Key Points: 
  • Pamela Summers and Tyler Rhea joined the company as vice presidents of market growth.
  • The two new vice presidents were recruited by Jason Will, Embrace Home Loans senior vice president of market growth.
  • "I'm very happy to join Embrace Home Loans and am looking forward to expanding its market share in the Virginia and D.C. area," Summers said.
  • Founded in 1983, Embrace Home Loans is a prominent mortgage lender that provides borrowers and financial institutions with an exceptional mortgage experience.

Appraisal Subcommittee (ASC) Awards $1 Million to Council on Licensure, Enforcement and Regulation (CLEAR) for Training and Technical Assistance to Better Serve Real Estate Appraisal Industry

Retrieved on: 
Wednesday, July 7, 2021
Articles, Real estate valuation, Real estate, Mortgage, Real estate appraisal, Economy, Needs assessment, Regulation, Appraiser, Profession

CLEAR's initial work includes a needs assessment of State appraiser and AMC regulatory programs, which will inform curriculum development and new course development for State regulatory programs.

Key Points: 
  • CLEAR's initial work includes a needs assessment of State appraiser and AMC regulatory programs, which will inform curriculum development and new course development for State regulatory programs.
  • "As the needs of the real estate appraisal industry continue to grow and change, serving our stakeholders effectively is of critical importance," stated James R. Park, Executive Director, ASC.
  • In turn, the valuation community, consumers and stakeholders will be better served now and in the future."
  • About The Council on Licensure, Enforcement and Regulation (CLEAR)
    The Council on Licensure, Enforcement and Regulation (CLEAR) provides networking opportunities, publications, and research services for those involved with, or affected by, professional and occupational regulation.