Mortgages

The law, set to go into effect later this year, was introduced to prevent potential money laundering in all-cash purchases made by companies or trusts.

April was a mixed bag for title companies, executives said on earnings calls, but some are expecting a stronger market the rest of the year.

A bipartisan group of representatives co-sponsored the bill, aiming to make permanent and expand eligibility for a deduction previously offered for 14 years.

Insurers had already doled out more than $12 billion to pay for wildfire damages as of early March, according to California state officials.

Lumber retains protections for now, but construction stocks still fell, and while the initial market reaction lowered rates, there could later be a reversal.

Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.

The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.

The postponement would pertain to Federal Housing Administration-insured single- and multifamily loans and other final determination dates that have not passed.

Scott Turner, secretary of the Department of Housing and Urban Development, extended borrowers more leeway after he toured the region with a local official.

The jump, which represents an ICE Mortgage Technology survey high, reflects the past cost of natural disasters like hurricanes in the Southeast.