Housing Wire

FEBRUARY 6, 2024

Banks reported having tightened lending standards across almost all categories of residential real estate loans over the fourth quarter of 2023 amid an elevated interest rate environment. banks said they saw weaker demand for all types of residential real estate loans except for government (46.2%) and subprime mortgage loans (41.6%).

Residential 468

Residential Lending Banks Mortgages 468

Housing Wire

NOVEMBER 2, 2023

Virginia-based community bank Trustar Bank sold its mortgage subsidiary to Archer Mortgage Holding Company, the companies announced on Thursday. According to its website, Trustar Bank offers 7/1 and 10/1 adjustable rate mortgages ( ARMs ), consumer construction loans and home equity line of credits.

Banks 380

Banks Mortgages Loan Officer Loans 380

Housing Wire

JULY 18, 2023

Bank , the fourth-largest U.S. Bank, we make decisions that position us well for today’s market and in the future,” a spokesperson told HousingWire. “As Bank, owned by U.S. However, mortgage volume has been in free fall at the bank amid surging rates. The bank’s total mortgage origination volume reached $9.6

Banks 370

Banks Mortgages Residential Lending 370

Housing Wire

NOVEMBER 15, 2023

Providence, Rhode Island-based Citizens Bank , the 28th largest U.S. Citizens was among the few large depository banks operating in retail, wholesale and correspondent in the mortgage space. However, shrinking mortgage volume caused by high mortgage rates and fiercer competition have challenged the bank’s strategy.

Banks 414

Banks Mortgages Finance Brokerage 414

Housing Wire

NOVEMBER 7, 2023

In September, the nation’s banking regulators released a proposal to increase the capital required of banks with more than $100 billion in assets. The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market.

Banks 420

Banks Mortgages Marketing Lending 420

Housing Wire

NOVEMBER 27, 2023

HousingWire recently spoke with David Bernard, senior managing director of Specialized Mortgage Services at Western Alliance Bank , Member FDIC, about warehouse lending and how the warehouse sector and mortgage finance have progressed and continue to evolve. Western Alliance Bank transformed this model over a decade ago.

Banks 333

Banks Lending Finance Mortgages 333

Housing Wire

FEBRUARY 6, 2024

Accused of redlining by regulators, First National Bank of Pennsylvania (FNB) has agreed to settle the case for $13.5 FNB was involved in the case as a successor in interest of Yadkin Bank , which it acquired in 2017. In addition, the bank discouraged these customers from obtaining home loans, according to the complaint.

Banks 378

Banks Lending Loan Officer Loans 378

Housing Wire

JANUARY 10, 2024

University Bank ’s reverse mortgage division has added four key hires across different disciplines as it prepares to grow further in the reverse mortgage space. Both Droge and Olmos come to University Bank from Open Mortgage , which shuttered its own top 10 reverse mortgage lending division late last year.

Banks 399

Banks Mortgages Lending Loan Officer 399

Housing Wire

JANUARY 19, 2024

Tennessee-based community bank Patriot Bank agreed to pay $1.9 Over the same six-year period, other banks received nearly 3.5 Patriot Bank denied any allegations of redlining. million to resolve allegations from the Department of Justice (DOJ) that it engaged in redlining discriminatory practices.

Banks 380

Banks Loan Officer Lending Loans 380

Housing Wire

MARCH 20, 2024

Ally Home , the residential mortgage lending arm of Ally Bank , is offering a $5,000 grant for eligible homebuyers in the select markets of Charlotte, Detroit and Philadelphia, the company announced on Tuesday. The upfront lump sum can be applied toward a down payment, closing costs or other expenses related to the homebuying process.

Banks 357

Banks Closing costs Lending Equity 357

Housing Wire

NOVEMBER 7, 2023

Banks have tightened lending standards for most categories of residential real estate (RRE) loans and home equity lines of credit (HELOC) over the third quarter of 2023. of banks reported to have tightened standards on government residential mortgages, the report showed. Responses were received from 62 domestic banks and 19 U.S.

Lending 416

Lending Banks Mortgages Loan Officer 416

Housing Wire

JANUARY 30, 2024

Cincinnati-based First Financial Bank has agreed to direct $2.4 In its previous five-year plan, from 2018 to 2023, the bank invested $1.75 Regarding the plan governance, the bank will maintain the advisory board created under the 2018 plan, and NCRC will appoint half the members.

Banks 336

Banks Mortgages Lending Loan Officer 336

Housing Wire

APRIL 10, 2024

The FDIC supervises approximately 3,000 state-chartered banks and thrifts not members of the Federal Reserve System. However, the second part of the test revealed that these financial institutions did not develop enough compliance initiatives to determine whether the payments were reasonably related to the services’ value.

Banks 356

Banks Brokerage Mortgages Loans 356

Housing Wire

JUNE 28, 2023

United Wholesale Mortgage (UWM) announced this week that it has added four bank statement loan offerings for self-employed borrowers. To qualify for loans of up to $3 million with up to 90% loan-to-value (LTV), self-employed borrowers can now provide bank statements to verify income rather than tax returns, W2s or pay stubs.

Banks 353

Banks Loans Lending Mortgages 353

Housing Wire

JANUARY 26, 2023

Two months after receiving the Federal Reserve ’s approval to merge with New York Community Bank, Michigan-based Flagstar Bank is reducing its footprint in the retail channel and laying off hundreds of staffers, according to laid off employees. “I A spokesperson for Flagstar Bank did not respond to a request for comments on Thursday.

Banks 442

Banks Mortgages Lending Finance 442

Housing Wire

NOVEMBER 22, 2023

Mike Cagney’s financial technology firm Figure Technologies has taken another step to go public with its lending division, LendCo , hiring investment banks to coordinate the initial public offering (IPO), per a Bloomberg report. Figure and the banks declined to comment. JP Morgan Chase & Co. and Jefferies Financial Group Inc.

Lending 368

Lending Banks Equity Technology 368

Housing Wire

MARCH 16, 2023

banks has agreed to make $30 billion in deposits at First Republic Bank to avoid another regional bank failure. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” Secretary of the Treasury Janet L. Bank will contribute $1 billion each.

Banks 411

Banks Loans Closing Sales 411

Housing Wire

JANUARY 24, 2024

New Jersey-based TD Bank has decided to invest $10 billion in affordable homeownership initiatives by 2027, including providing loans and liquidity to the residential lending market. In the mortgage space, TD Bank was a top-35 U.S. The bank has presence in 15 states and Washington, D.C. The bank’s plan also includes $2.8

Banks 339

Banks Lending Loans Finance 339

Housing Wire

JULY 31, 2023

Flagstar Bank , a top-25 U.S. Flagstar made news in recent months, expanding its footprint and further diversifying its business model with the completion of the merger with New York Community Bancorp (NYCB) and the acquisition of certain financially and strategically complementary parts of Signature Bank.

Banks 330

Banks Mortgages Commercial Lending 330

Housing Wire

JUNE 13, 2023

Dallas-based Comerica Bank has decided to “organically exit” the mortgage banker finance business following the tumult in the banking industry that threatened the nation’s top warehouse lenders. The bank expects to improve its loan-to-deposit ratio by 150 basis points by the end of 2023. The bank had $1.7

Banks 309

Banks Lending Finance Investor 309

Housing Wire

NOVEMBER 30, 2023

The Conference of State Bank Supervisors ’ (CSBS) board of directors appointed Brandon Milhorn – current deputy to Federal Deposit Insurance Corporation (FDIC) vice chairman Travis Hill – as its incoming president and chief executive officer (CEO). Milhorn will assume the new role on Dec. 4, succeeding James Cooper.

Banks 327

Banks Loans Mortgages 327

Housing Wire

AUGUST 29, 2023

American Bank of Oklahoma has agreed to invest $1.5 The bank denies the allegations. The DOJ complaint, filed in federal court, claims that the bank failed to provide mortgage lending services from 2017 through at least 2021 in neighborhoods in and around Tulsa , including those that were the site of the 1921 Tulsa Race Massacre.

Banks 351

Banks Loans Lending Mortgages 351

Housing Wire

FEBRUARY 23, 2024

government’s motion to stop the gathering of evidence in a case against Ginnie Mae , Texas Capital Bank (TCB) responded to the government’s attempt to dismiss the entirety of the bank’s complaint. TCB was thus left with no alternative but to file this action,” the bank concluded.

Banks 326

Banks Bankruptcy Lending Finance 326

Housing Wire

JANUARY 31, 2023

First Internet Bank is shutting down its consumer mortgage business due to a steep decline in mortgage volumes and the negative outlook for mortgage lending that is forecasted to continue for the next several years. The home equity loans balance was $24.7 million in the fourth quarter of 2022, a 11.7% million. “The

Banks 396

Banks Mortgages Lending Commercial 396

Housing Wire

MARCH 15, 2023

The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Silicon Valley Bank collapsed last week after it lacked the liquidity to pay for clients’ withdrawals. The survey, conducted weekly since 1990, covers 75% of all U.S.

Banks 361

Banks Mortgages Fixed-rate mortgage Loans 361

Housing Wire

JANUARY 5, 2024

California-based Pennymac Financial Services has hired Kristy Dickey, a former executive at Citizens Bank, as first vice president of TPO sales. Dickey will be responsible for growing the lender’s broker division and support its brokers and non-delegated partners, the firm said.

Banks 358

Banks Mortgages Finance Sales 358

Housing Wire

AUGUST 17, 2023

Bank of America (BofA) prevailed in a court case brought against it by Cook County , Illinois , which sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago area. The news was first reported by Bloomberg Law. Easterbrook in his decision cited by Bloomberg Law.

Banks 352

Banks Lending Principal Loans 352

Housing Wire

MARCH 15, 2023

Silicon Valley Bank resumed mortgage originations on Tuesday via its newly established “bridge bank” — just four days after California state regulators took possession of the financial institution and appointed the Federal Deposit Insurance Company (FDIC) as receivers. was open for business. They took a $1.8

Banks 341

Banks Mortgages Loans Loan Officer 341

Housing Wire

JULY 18, 2023

The Federal Reserve , Federal Depository Insurance Corporation and the Office of the Comptroller of the Currency , which together regulate large depository banks, are expected to unveil the proposed changes on July 27. The regulators want smaller banks to be able to better compete with larger peers, Bloomberg reported.

Lending 355

Lending Banks Mortgages Residential 355

Housing Wire

APRIL 3, 2023

Cornerstone Servicing , a division of recently formed Cornerstone Capital Bank , has launched a subservicing business, the company announced Monday. Cornerstone Capital Bank was formed following a merger between a nonbank and a traditional depository.

Banks 337

Banks Loan Officer Lending Loans 337

Housing Wire

DECEMBER 8, 2020

Bank and PNC Bank. Bank is on the hook for $29 million in credits and refunds, according to the settlement. The bank also waived approximately $43 million in fees across its mortgage servicing portfolio, including for borrowers in bankruptcy. Bank and PNC were required to pay over $74 million to the bankrupt homeowners.

Banks 391

Banks Bankruptcy Finance Mortgages 391

Housing Wire

JULY 31, 2023

banks have tightened their lending standards for residential real estate (REE) loans and home equity lines of credit (HELOC) in the second quarter amid the collapse of regional banks and a cascade of interest rate hikes by the Federal Reserve to tame inflation. of banks reported weaker demand for HELOCs.

Lending 347

Lending Banks Mortgages Loan Officer 347

Housing Wire

MARCH 22, 2023

The current bank crisis hit California-based Pacific Western Bank , a community bank owned by PacWest Bancorp that has a focus on real estate and commercial loans. billion from the Federal Home Loan Banks , $10.5 billion in Bank Term Funding Program borrowings. Pacific Western Bank reported $11.4

Banks 366

Banks Commercial Loans Investor 366

Housing Wire

FEBRUARY 21, 2024

Texas Capital Bank (TCB), a warehouse lender that is suing Ginnie Mae over loans made by TCB to now-bankrupt lender Reverse Mortgage Funding (RMF), has objected to a motion by U.S. That is because the bank is seeking targeted information related to the cancellation of liens stemming from RMF’s portfolio of reverse mortgage-backed securities.

Banks 361

Banks Staging Loans Mortgages 361

Housing Wire

MARCH 13, 2023

The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae CEO and Blend president Tim Mayopoulos as CEO of Silicon Valley Bank N.A. , an FDIC-operated “bridge bank” meant to protect all depositors of the now shut-down Silicon Valley Bank (SVB). The bank failed to raise capital to plug a $1.8

Banks 368

Banks Finance Commercial Technology 368

Housing Wire

APRIL 13, 2023

First Federal Bank will acquire the mortgage division of BNC National Bank , which will give the Florida-headquartered community-based bank a nationwide consumer direct mortgage platform. As with the entire mortgage industry, BNC National Bank was heavily impacted by rising interest rates last year.

Banks 363

Banks Mortgages Loan Officer Residential 363

Housing Wire

FEBRUARY 9, 2023

Northpointe Bank , a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business. The last day for fundings is April 28, the regional bank said in an e-mailed response.

Lending 365

Lending Banks Finance Loans 365