Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

Although the company reported a loss, executives expressed confidence in its funding and liquidity.

Underlying loans fell into higher credit tiers this time around, a result of ongoing tightening in the sponsor company's origination strategies.

At the embattled Republic First Bancorp, elevated legal, professional and audit fees also contributed to a nearly $10 million in first-quarter loss but CEO Thomas Geisel reports signs of progress moving past "legacy headwinds."

Housing costs increased at the slowest pace in over a decade nationwide, even while monthly growth now exceeds its pre-pandemic level.

The neobank expects to turn a profit by the end of the year, but faces challenges as it copes with the government's pause on federal student loan repayment and with the difficulty of selling technology services to other businesses.

The pool will have an average senior overcollateralization cushion of 10.33%. Overall, however, the portfolio has a lower WA spread and lower available excess spread, which it says indicates a weaker underlying portfolio.

First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.

At around June 15, 2024, the VSAC will reach the end of a collateral recycling period, when it has the option to originate additional eligible loans.

The legislative proposals backed by Republican members of congress seek to undo the latest cross-subsidized adjustments to loan fees that two large government-related mortgage investors charge.

The Federal Deposit Insurance Corp. said in a report released Friday that Signature's rapid, unrestrained growth and inadequate risk management practices outpaced supervisors' ratings and responses, even though the issues were known to the agency.

The senior, triple-A rated notes, which is in the A-1B class, are expected to have a 210 basis point spread, with a 38% credit enhancement level.