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By contrast, UWM’s outlook was stable, according to the agency. The Pontiac-based wholesale lender retained its ‘BB-’ rating, confirming its “strong market position and corporate profile as a leader in the wholesale residential mortgage segment”, Fitch added.
Neither Finance of America nor Freedom Mortgage Corporation responded to requests for comment.
Home Point declined to comment, however. A spokesperson for the Michigan-based wholesale lender told Mortgage Professional America (MPA) that it could not make a statement prior to its upcoming earnings release.
The latest ratings come as mortgage rates topped 7% last week, with the 30-year fixed rate hitting the highest level in 20 years, sparking concerns over affordability, which in turn has caused house prices to fall and would-be homebuyers to stay away from the market.
Meanwhile, homebuilder sentiment has now fallen to the lowest level since 2012, according to data from the National Association of Home Builders (NAHB).
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