Rocket, Home Point, UWM report sagging earnings and more news of the week

More mortgage professionals, from fintech startups to publicly traded lenders, announced layoffs. New American Funding confirmed it is terminating another 300 employees, letting go of 625 workers since the beginning of the year. Mortgage fintech Ribbon let go of 136 employees at the end of July. It stated that the current market conditions pressure the … Read more

Stronger dollar down for the week as clues point to inflation peak

Breadcrumb Trail Links PMN Business Author of the article: Publishing date: Aug 12, 2022  •  15 minutes ago  •  3 minute read  •  Join the conversation Article content NEW YORK — The dollar rallied on Friday but was set for a weekly drop as traders weighed improving U.S. inflation data against comments from Federal Reserve officials … Read more

Home Point Capital hit by multi-million dollar loss

Home Point generated a quarterly funded origination volume of $9.3 billion, down from $12.5 billion in the previous quarter. The company, however, managed to grow its network of active broker partners by 10% year over year to 3,573 active brokerages. “Focusing on the growth dimension of wholesale, the migration from retail to broker is accelerating. … Read more

Home Point slips into the red as price war intensifies

Home Point Capital on Thursday recorded a second-quarter loss as it struggled with a challenging origination market that was particularly competitive in the growing loan broker channel. The company’s net loss of $44 million followed a profitable first quarter in which it earned $11.9 million. Over the second quarter last year, it recorded a $73 … Read more

Granite Point Mortgage Q2 mixed on modest portfolio growth, rising yields (NYSE:GPMT)

Kwarkot/iStock via Getty Images Granite Point Mortgage (NYSE:GPMT) Q2 results came in mixed Monday as it experienced moderate portfolio amid sharp increases in short-term interest rates. Shares of the mortgage REIT rose 1.2% in after-hours trading. “After growing our portfolio modestly in the second quarter, primarily in the multifamily sector, we are now reinforcing our … Read more

Analysts See an Appealing Entry Point in These 3 ‘Strong Buy’ Stocks

After July’s exceptional surge, the markets steadied during early August with the S&P 500 up by a third of a precent over the past week. Now investors will be keen to find out if the rally has legs. Stifel’s chief equity strategist Barry Bannister thinks it does and believes the S&P 500 is on course to reach … Read more

Brazil Lifts Rates by Half a Point to 13.75%, Flags Another Hike Possible

Breadcrumb Trail Links PMN Business Brazil’s central bank raised its key interest rate by half a percentage point and left the door open for a smaller boost in September as it shifts its focus to the outlook for inflation more than a year ahead. Author of the article: Bloomberg News Maria Eloisa Capurro 9ujrsd08fgzxht3myw4479r]_media_dl_1.png Bloomberg … Read more

Reinsurers Point to Climate Change as Insured Catastrophe Losses Surpass $30B for Half Year

An earthquake in Japan, flooding in Australia and winter storms in Europe were among catastrophes that caused more than $30 billion in insured losses during the first half of 2022, according to preliminary estimates by two major reinsurers. Swiss Re said insured losses from natural catastrophes reached $35 billion during the first half of the … Read more

S&P BSE 500 Index: Why S&P BSE 500 ETF can be a good starting point for new investors

The year 2021 acted as a comeback of sorts as businesses and schools started reopening and people slowly but surely tried to inch back to normal life. The stock markets continued with their spectacular run and saw increasing participation by retail investors as exemplified by the growth in mutual fund Assets Under Management (AUM) and … Read more