Commercial & Residential Mortgage Finance

Walker & Dunlop arranged $293,200,000 to refinance 40 Tenth Avenue, a 158,957-square-foot mixed-use property in Manhattan's Meatpacking District. The fixed-rate, permanent debt refinancing came from Corebridge Financial, with Walker & Dunlop Capital Markets Institutional Advisory serving as exclusive advisor to Aurora Capital and William Gottlieb Real Estate. Completed in 2019 and designed by Studio Gang, the building holds 112,241 square feet of office space across floors three through 10 and 46,716 square feet of retail space on the ground and second floors. Hyundai Motor occupies the entire retail component, while office tenants include Starwood Capital Group, WestCap Management, RTW Investments, Stripes and Checkout.com. The property also offers more than 18,000 square feet of landscaped private outdoor space, including an approximately 10,000-square-foot rooftop terrace and an approximately 8,000-square-foot planted second-floor terrace.

NMI Holdings said its insurance in force has grown 49% over the past four years, far outpacing the 13% growth of the broader private mortgage insurance industry. In the second quarter of 2026, primary insurance in force rose 5.8% year over year to $227.1 billion, while new insurance written climbed 29% to $16.1 billion, helping push net premiums earned up 5.7% to $157.5 million. Underwriting held firm as the second-quarter 2026 loss ratio improved to 8.3% from 9%, and adjusted earnings per share rose 14% year over year to $1.38. Among peers, MGIC Investment Corporation reported second-quarter 2026 new insurance written of $17.8 billion, up 8.5%, with insurance in force up 2.6% to $304.8 billion, while Radian Group's primary insurance in force reached roughly $284 billion, up about 3%. The Zacks Consensus Estimate projects NMI Holdings' 2026 earnings per share will rise 6.7% year over year on revenues of $752.4 million, up 6.5%, with 2027 earnings per share and revenues seen increasing 4.7% and 2.3%, respectively.

United Wholesale Mortgage is seeing roughly 25% of its borrowers receive a more advantageous credit result under VantageScore 4.0 than they would have under the traditional FICO scoring model, and the lender expects that figure to reach 2 in 5 borrowers by the end of the month. UWM, the first mortgage lender to offer VantageScore 4.0 when it became available earlier this year, said the difference can improve pricing, provide better LLPAs, lower mortgage insurance costs, increase loan eligibility and, in some cases, turn what could have been a no loan into homeownership. President and CEO Mat Ishbia called the addition of VS4 one of the best things to come from the FHFA in many years and credited the agency and Director Pulte for taking action, adding that other agencies are now following his lead. VantageScore 4.0 uses additional information and trending credit data to assess how consumers manage credit over time, producing a more complete view of a borrower's credit profile without changing lending standards. UWM, headquartered in Pontiac, Michigan, is the publicly traded indirect parent of United Wholesale Mortgage and has been the nation's largest wholesale mortgage lender for 11 consecutive years.

OSB Group PLC repurchased 441,941 of its ordinary shares of £0.01 each between 07 September 2026 and 11 September 2026, inclusive, on the London Stock Exchange, CBOE BXE, CBOE CXE and Aquis Exchange through its broker Jefferies International Limited. The repurchased ordinary shares will be cancelled. The purchases form part of the Company's share buyback programme announced on 5 March 2026. Following settlement of the purchases and cancellation of the shares, the Company's total number of ordinary shares in issue shall be 338,810,197 ordinary shares, and no ordinary shares are held in treasury, leaving the total number of voting rights in the Company at 338,810,197.

Vishal Garg, founder of Better Home & Finance Holding Company, has released a 90-day plan targeting $2 billion in quarterly funded-loan volume, monthly revenue growth of $7 million, and a reduction in monthly cash burn from approximately $4 million to $0, alongside a $30 million share repurchase program. The plan combines growth initiatives driven by Better's Tinman technology platform with AI-enabled expense reductions, a proposed board refresh, and a search for a permanent chief executive officer. Garg aims to close five major partners, increase loan-officer talk time from 2.1 hours to 4 hours per day, and improve the DTC lock-to-fund rate from approximately 45% toward the industry average of 60%. Cost-saving measures include aligning commissions on AI-assisted conversions, implementing instant counteroffers, and moving legal work to AI-powered teams, targeting monthly savings of $500,000, $1 million, and $500,000 respectively. The plan also calls for replacing five directors, engaging Daversa Partners for a CEO search, completing the sale of Better's UK bank within 30 days, and initiating an immediate share repurchase authorization of up to $10 million.

Merchants Bancorp announced that its Board of Directors declared quarterly cash dividends for the third quarter of 2026, payable on October 1, 2026 to shareholders of record on September 15, 2026. The company declared a dividend of $0.11 per share on its common stock, $15.00 per share on its 6% Series C preferred stock, $20.625 per share on its 8.25% Series D preferred stock, and $19.06 per share on its 7.625% Series E preferred stock. Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana, with $21.2 billion in assets and $14.3 billion in deposits as of June 30, 2026.

NMI Holdings shares have gained 20.9% in the past three months, outperforming the industry's 5.5% growth and closing at $45.66 per share on Wednesday, near its 52-week high of $46.74. The stock's performance was supported by rapid insurance in force growth, strong new business generation, higher premiums, lower claims, and solid return on equity, along with record second-quarter earnings, a strong capital position, and ongoing share repurchases. Analysts' average price target of $48.86 suggests a potential 7% upside, while the stock trades at a trailing 12-month price-to-book value of 1.27X, below the industry average of 1.42X. The Zacks Consensus Estimate for 2026 earnings per share indicates a year-over-year increase of 6.7%, with revenues pegged at $752.36 million, implying a 6.5% improvement, and the expected long-term earnings growth rate is 7.1%. New insurance written rose to $16.1 billion in the second quarter of 2026 from $12.5 billion a year ago, primary insurance in force increased 5.8% year over year to $227.1 billion, and net premiums earned increased to $157.5 million from $149.1 million, while the loss ratio improved 70 basis points to 8.3% and the default rate remained low at 1.16%. At June 30, 2026, total PMIERs available assets were $3.7 billion against $2.1 billion of net risk-based required assets, and the company repurchased $31.4 million of shares in the second quarter, with book value per share excluding unrealized investment gains up 15% year over year to $36.88.

MGIC Investment reported second-quarter revenues of $295.4 million, down 2.9% year over year, in line with analyst expectations. The company beat analysts' EPS estimates, and CEO Tim Mattke highlighted a 14.5% return on equity. The stock is up 1.9% since reporting and currently trades at $31.15. Among peers, Essent Group posted revenues of $362.7 million, up 13.6% year over year and beating expectations by 9.7%, while Radian Group reported revenues of $580.7 million, up 90.8% year over year but missed EPS estimates. First American Financial reported revenues of $2.12 billion, up 15% year over year, and Trupanion reported revenues of $392.9 million, up 11.1% year over year.

Essent Group reported second quarter revenue of $362.7 million, beating analyst estimates of $330.8 million and growing 13.6% year over year. Adjusted earnings per share came in at $2.08, exceeding the $1.76 consensus estimate. Operating margin declined to 63.5% from 72.4% a year earlier. CEO Mark Casale highlighted the company's Buy, Manage & Distribute model and said success is best measured by growth in book value per share. Analysts questioned management about premium yield stability, credit risk from VantageScore adoption, and faster growth in new insurance written versus the industry.

Rocket Companies reported record quarterly market share in both purchase and refinance and its most profitable quarter in four years during the second quarter of 2026, despite a challenging housing market. Adjusted revenue was $2.8 billion, near the midpoint of guidance, while adjusted EBITDA margin expanded to 28% from 26% in the first quarter and adjusted diluted EPS rose to $0.16. Purchase market share reached 6.2%, up from 5.5% in the fourth quarter, and refinance share hit 14.3%, up from 12.2%. The company said more than 70% of revenue now comes from recurring or less rate-sensitive businesses, and it expects third-quarter adjusted revenue between $2.5 billion and $2.7 billion, implying continued share gains.

Radian Group reported second-quarter 2026 total revenue of $575 million, a 93% increase from the prior year, driven primarily by the contribution of its Specialty segment following the acquisition of Inigo. Net earned premiums rose 116% to $504 million, with Specialty net premiums earned of $267.4 million representing 53% of the consolidated total. Adjusted diluted net operating EPS was $1.14, up from $1.11 a year earlier, while adjusted net operating return on equity was 13%. The company also raised its full-year 2026 expectation for dividends from Radian Guaranty to the holding company to $650 million, up from prior guidance of $600 million, and said it expects full-year share repurchases to reach the upper end of its $200 million to $250 million range.

Essent Group reported second-quarter revenue of $362.7 million, beating analyst estimates of $330.8 million and growing 13.6% year on year, while adjusted earnings per share of $2.08 exceeded the consensus of $1.76 by 18.4%. The mortgage insurer benefited from an 84% persistency rate, supported by nearly half its portfolio having mortgage rates below 5.5%, which stabilized premiums and cash flows. Investment income rose, with other invested assets contributing $19.4 million, and the company saw a 10% increase in premium for new insurance written by targeting higher debt-to-income and loan-to-value segments. CEO Mark Casale highlighted the "Buy, Manage & Distribute" model and noted that the persistent high-rate environment supports existing business but limits new originations, while strategic expansion in reinsurance and title offers long-term growth optionality.

Rocket Companies reported second-quarter 2026 revenue of US$2,784 million, more than doubling from US$1,451 million a year earlier, and swung to a net income of US$230 million from a US$2 million loss. For the first half of 2026, revenue reached US$5,725 million and net income totaled US$527 million, driven by record purchase and refinance market shares and early cost synergies from the Mr. Cooper and Redfin acquisitions. Management disclosed that Mr. Cooper synergies hit an annualized US$100 million in the second quarter, with a target of US$400 million by year-end.

MGIC Investment Corporation reported second-quarter net income of $182.1 million, or $0.86 per diluted share, driven by favorable loss reserve development and disciplined expense management. New insurance written reached $17.8 billion, an 8.5% increase from the prior year and the highest quarterly level since the third quarter of 2022, while insurance in force grew 2.6% to $304.8 billion. The board approved a $0.17 per share dividend for the third quarter, up from $0.15, and authorized a new $750 million share repurchase program extending through December 31, 2028. The company also completed a traditional excess-of-loss reinsurance transaction providing up to $168 million of protection on eligible 2027 new insurance written, and its reinsurance programs reduced PMIERs required assets by $3.1 billion, or approximately 52%.

Rocket Companies achieved record market share in both purchase and refinance during the second quarter of 2026, with purchase share reaching 6.2% and refinance share hitting 14.3%. Adjusted revenue came in at $2.8 billion, near the midpoint of guidance, while adjusted EBITDA rose to $766 million with a margin of 28%, up from 26% in the first quarter. Adjusted diluted EPS increased to $0.16 from $0.15 in the prior quarter. The company realized $100 million in annualized expense synergies from the Mr. Cooper integration and raised its synergy target by an additional $100 million, with the original $400 million goal expected by year-end. Rocket ended the quarter with $11.2 billion in liquidity and net corporate leverage of 0.9x, down 20% since year-end. For the third quarter, adjusted revenue is expected between $2.5 billion and $2.7 billion, reflecting a smaller mortgage market.

Walker & Dunlop declared a quarterly dividend of $0.68 per share. The dividend carries a forward yield of 6.15% and is payable on September 3 to shareholders of record as of August 20, with the ex-dividend date also set for August 20.

Radian Group raised its expected 2026 dividends from Radian Guaranty to at least $650 million, up from a prior forecast of at least $600 million, and said it anticipates second-half earned premiums in its specialty segment to be approximately 20% higher than in the first half of the year. The second quarter marked the first full quarter with Inigo, driving total revenues up 93% year-over-year to $575 million and net earned premiums up 116% to $504 million. Management noted that specialty market conditions have become more competitive with rates continuing to soften, and that a combined ratio in the low 90s is more reflective of the current operating environment. The company also reported a $30 million reserve in the specialty segment related to ongoing developments in the Middle East, which it described as fully loaded for expected and potential claims. Radian repurchased $76 million of stock in the second quarter and an additional $50 million in the third quarter to date, and expects full-year buybacks toward the upper end of a $200 million to $250 million range.

Shares of UWM Holdings, parent of United Wholesale Mortgage, plunged 40% on Thursday after the largest U.S. mortgage lender suspended its quarterly dividend and announced a $2.05 billion equity investment from Oaktree Capital Management and SFS Group Capital LLC, a newly formed vehicle owned by the family of CEO Mat Ishbia. The company said the dividend suspension is intended to preserve capital, while the capital raise comes as its financial position weakened, with total equity falling to about $1 billion as of June 30 from $1.6 billion at the end of March and available liquidity at approximately $1.3 billion. UWM lost $451.9 million on revenue of $888 million in the second quarter, reversing net income of $170.4 million in the prior quarter and a profit of $314.5 million a year earlier. Mortgage originations totaled $39.7 billion in the second quarter, down from $44.9 billion in the first quarter but unchanged from a year earlier. The moves occur amid a tough operating environment for mortgage lenders, with elevated mortgage rates keeping homebuyers on the sidelines and limiting refinancing activity.

UWM Holdings Corporation has announced a $2.05 billion strategic capital partnership with the Ishbia family's SFS Group Capital and Oaktree Capital Management to strengthen its balance sheet and support long-term growth. The investment, structured as preferred equity with warrants, includes $1.65 billion funded at closing and a planned $400 million rights offering to Class A shareholders, with the Ishbia family and Oaktree providing backstop support if needed. UWM will suspend its common dividend to prioritize debt reduction and plans to use proceeds to repay existing debt and mortgage servicing rights financing facilities. The company, which has been the nation's largest mortgage originator since 2022 and the wholesale channel leader for 11 consecutive years, said the partnership will enhance liquidity and allow continued investment in technology, AI, and the independent broker channel. A representative from Oaktree will join UWM's board, and the firm will have the right to nominate one additional independent director.

MGIC Investment Corporation reported second-quarter 2026 revenue of US$295.39 million and net income of US$182.15 million, while confirming a quarterly dividend of US$0.17 per share payable on August 20, 2026. Diluted earnings per share from continuing operations rose to US$0.86, aided by a reduced share count from ongoing buybacks, even as revenue and net income declined modestly year-on-year. The results highlight a capital-return-focused narrative, with the dividend and buyback program supporting per-share metrics against a backdrop of margin compression and soft mortgage market conditions.