Housing Wire

NOVEMBER 28, 2023

The Consumer Financial Protection Bureau (CFPB) imposed a $12 million penalty on Bank of America (BofA) for violating federal laws by submitting false mortgage lending information for about four years, it announced on Monday. Overall, the bank posted a net income of $7.8 Overall, the bank posted a net income of $7.8

Banks 406

Banks Mortgages Loan Officer Loans 406

Housing Wire

OCTOBER 4, 2023

Indiana-based First Savings Bank plans to lay off over 100 mortgage employees in the coming months, according to documents filed with authorities in multiple states. News of the plans come as political instability and a strong job market push mortgage rates closer to 8%. The bank reported a net income of $2.3

Banks 407

Banks Mortgages Lending Loan Officer 407

Housing Wire

JANUARY 30, 2024

Cincinnati-based First Financial Bank has agreed to direct $2.4 billion in the next five years for lending and investments to low- and moderate-income (LMI) clients and census tracts, with 30% of the total tied to mortgage lending. In its previous five-year plan, from 2018 to 2023, the bank invested $1.75

Banks 315

Banks Mortgages Lending Loan Officer 315

Housing Wire

JULY 18, 2023

Under the latest rumored changes to Basel III regulations , large depository institutions would see residential mortgage capital requirements that far exceed international standards, according to a report by Bloomberg. The regulators want smaller banks to be able to better compete with larger peers, Bloomberg reported.

Lending 341

Lending Banks Mortgages Residential 341

Housing Wire

MARCH 7, 2024

Powell acknowledged the mounting opposition to Basel III from the banking sector, assuring lawmakers of forthcoming broad revisions to the regulatory framework that is aimed at recalibrating risk assessment methodologies and capital reserves. banks to earmark billions more in capital reserves.

Banks 347

Banks Lending Residential Staging 347

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 residential mortgage loan balance for First Internet was $383.9

Banks 380

Banks Mortgages Lending Commercial 380

Housing Wire

JULY 1, 2022

Banks reported an increase in foreclosures during the first quarter of 2022, according to a quarterly survey published by the Office of the Comptroller of Currency this week. The seven banks surveyed reported a total of 42,427 modifications completed, a 10.7% Banks surveyed reported servicing approximately 12.2 compared to 94.2%

Banks 382

Banks Mortgages Principal Short sale 382

Housing Wire

APRIL 17, 2024

Expect 2024 to be mildly better than 2023 with mortgage rates falling in the second half of the year, housing experts opined in their forecasts at the end of the year. The pessimism is visible in mortgage rates. Freddie Mac ‘s weekly Primary Mortgage Market Survey is climbing back towards 7%.

Mortgages 448

Mortgages Fixed-rate mortgage Banks Residential 448

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 347

Banks Mortgages Loan Officer Residential 347

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 329

Lending Banks Mortgages Loan Officer 329

Housing Wire

FEBRUARY 3, 2022

Amid higher rates, lower volumes, and fiercer competition , Santander Bank decided it will stop originating residential mortgages and home equity loans in the United States. The Spanish bank said it will continue to service current loans and honor pending borrowers’ applications. mortgage industry are in the past.

Banks 433

Banks Mortgages Fixed-rate mortgage Equity 433

Housing Wire

JULY 27, 2023

The Federal Reserve , Federal Depository Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released on Thursday the proposed changes for the Basel III rule (called the Basel endgame), which significantly increases capital requirements for banks. Community banks would not be impacted.

Banks 340

Banks Lending Mortgages Equity 340

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. Meanwhile, mortgage lenders are still trying to calm down their investors and business partners. retail residential mortgage applications.

Banks 350

Banks Mortgages Fixed-rate mortgage Loans 350

Housing Wire

JULY 31, 2023

Flagstar Bank , a top-25 U.S. mortgage lender, has long described itself as a “one-stop mortgage shop.” But it has built its reputation on its expertise in mortgage. So what exactly is a “one-stop mortgage shop?” “We Smith, senior executive vice president and president of mortgage at Flagstar.

Banks 310

Banks Mortgages Commercial Lending 310

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. In total, 76.6%

Banks 323

Banks Mortgages Loans Loan Officer 323

Housing Wire

APRIL 16, 2024

Bank of America (BofA) reported another quarterly decline in mortgage and home equity production in the first quarter of 2024. mortgage lender stated it produced a volume of $3.4 billion in first mortgages from January to March, down 12.5% BofA’s mortgage assets Bank of America had $227.7 from the $3.9

Mortgages 378

Mortgages Banks Equity Commercial 378

Housing Wire

JANUARY 19, 2024

Tennessee-based community bank Patriot Bank agreed to pay $1.9 The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority- Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in those communities from obtaining home loans.

Banks 360

Banks Loan Officer Lending Loans 360

Housing Wire

OCTOBER 17, 2022

Bank of America delivered increases in revenues and net income in the third quarter of 2022, showing that some of its business lines were not walloped by high levels of inflation and economic contraction. That was not the case for the depository lender’s mortgage business. Overall, the bank recorded $7.1 billion from $2.5

Banks 322

Banks Mortgages Equity Loans 322

Housing Wire

APRIL 18, 2023

Higher interest rates pushed up profits for Bank of America (BofA) in the first quarter of 2023, but much like its depository peers, JP Morgan Chase and Wells Fargo , the mortgage business dropped by double-digits during this period. The bank posted a net income of $8.2 Consumer banking division posted a net income of $3.1

Banks 299

Banks Mortgages Equity Loans 299

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. It enables consumers to purchase a house with a 3% down payment.

Banks 336

Banks Closing costs Lending Equity 336

Housing Wire

JANUARY 26, 2021

Amerant Bank , one of the largest community banks in Florida, announced that it is venturing into the mortgage industry with the formation of Amerant Mortgage. The company said this expansion was a direct response to the state’s growing demand for residential mortgages.

Banks 304

Banks Mortgages Residential Technology 304

Housing Wire

JULY 18, 2022

Depositary lender Bank of America ‘s top executives said Monday their customers haven’t slowed down their activities, despite a fear of a recession in the U.S. Bank of America posted a $2.88 billion profit in its consumer banking division in the second quarter, down from a $2.97 billion profit in the first quarter.

Banks 323

Banks Mortgages Equity Residential 323

Housing Wire

MARCH 20, 2023

Many have already pointed to the failures of Silicon Valley Bank , Silvergate Bank , and Signature Bank as evidence that the Fed “finally broke something.” In 2021, mortgage originations hit a record high of $4.4 Today, three of four mortgage loans are issued by independent mortgage companies.

Banks 356

Banks Mortgages Fixed-rate mortgage Loans 356

Housing Wire

NOVEMBER 1, 2021

Mortgage lending titan Rocket Mortgage is bringing its tech straight to financial institutions. The lender announced Friday a partnership with Salesforce to deliver Rocket’s mortgage origination capabilities directly to banks, credit unions and other FIs through Salesforce Financial Services Cloud.

Banks 355

Banks Mortgages Loan Officer Lending 355

Housing Wire

JUNE 6, 2023

All 12 Federal Reserve districts have seen issues with a lack of housing inventory , which is largely due to existing homeowners holding back on listing their homes after previously locking in low mortgage rates. New York – The residential sales market has been strong across the District.

Residential 417

Residential Construction Finance Sales 417

Housing Wire

DECEMBER 12, 2022

I , a blank check company affiliated with fintech Figure Technologies , plans to merge with a warehouse lender and bank holding company to potentially bring blockchain technology to the financial institution. United Wholesale Mortgage went public in January 2021 after merging with Gores Holdings IV.

Banks 338

Banks Mortgages Due diligence Technology 338

Housing Wire

DECEMBER 21, 2022

I , a blank check company affiliated with fintech Figure Technologies that planned to merge with a mortgage bank, will be delisted from the New York Stock Exchange. Figure Acquisition Corp. Figure’s plan to go public through a SPAC has been scrapped with the NYSE’s decision.

Banks 392

Banks Mortgages Technology Lending 392

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. billion in loans, down 25% year over year, according to Inside Mortgage Finance estimates.

Banks 319

Banks Lending Loans Finance 319

Housing Wire

JANUARY 12, 2024

Supreme Co urt last week scheduled oral arguments for seven pending cases to take place in February, including one that will decide whether “the National Bank Act preempts the application of state escrow-interest laws to national banks,” according to a publication of the argument schedule and reporting at SCOTUSblog.

Mortgages 435

Mortgages Banks Residential Loans 435

Housing Wire

JUNE 3, 2022

Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. Employment in the construction sector is 40,000 higher than its level in February 2020, while employment in residential building is 7.6% The post Residential construction jobs now 7.6%

Residential 427

Residential Construction Banks Renovation 427

Housing Wire

OCTOBER 14, 2020

Though its earnings were disappointing overall, residential lending at Wells Fargo rebounded in the third quarter, both in terms of income and origination volume. The bank originated $62 billion in home loans during the third quarter, up 5% from $59 billion in the prior quarter. Though rival Bank of America posted a $2.1

Banks 445

Banks Mortgages Lending Residential 445

Housing Wire

MAY 1, 2023

Less than two months after the abrupt failures of Silicon Valley Bank and Signature Bank , federal regulators seized First Republic Bank and sold it to JPMorgan Chase Bank. First Republic is the largest lender to collapse since the 2008 financial crisis and the second-largest bank failure in American history.

Banks 304

Banks Commercial Loans Principal 304

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 350

Lending Banks Finance Loans 350

Housing Wire

DECEMBER 3, 2021

Of the 10,000 construction of buildings jobs created in November, 4,100 were in the residential sector. In the specialty trade contractor jobs sector, 6,200 were in residential construction. for residential construction building, a faster pace than previous months,” Kushi said. Residential building is up approximately 5.8%

Residential 421

Residential Construction Banks Industrial 421

Housing Wire

MARCH 27, 2023

Fannie Mae has projected that the recent bank failures may act as the catalyst that tips an already precarious economy into a recession — primarily due to the combination of tighter lending standards by small- and mid-sized regional banks. Jumbo loans account for approximately 12% of all loans originated as of February 2022.

Banks 332

Banks Fixed-rate mortgage Lending Construction 332

Housing Wire

JULY 13, 2022

What does ESG’s growth and current ubiquity mean for residential MBS markets? When thinking about ESG in RMBS, right now there are three considerations that can help the mortgage market properly capitalize on the momentum behind the ESG movement. Same with “first-time homebuyer” flagged mortgages.

Residential 300

Residential Mortgages Investor Development 300

Housing Wire

JANUARY 12, 2024

Mortgage businesses at Wells Fargo , JPMorgan Chase and Bank of America are now only a fraction of what they were in 2022. As a group, the trio originated about $80 billion in mortgages in 2023, down from nearly $218 billion the prior year – a $138 billion decline (63%). The data shows that the bank produced $25.3

Mortgages 361

Mortgages Banks Lending Equity 361