Bank of America’s mortgage production declines 40% in Q3

Housing Wire

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. Overall, the bank recorded $7.1 Bank originated $15.6

Banks 343

Blend strikes partnership deal with PNC Bank

Housing Wire

On Tuesday, the fintech and PNC Bank announced a partnership that allows customers to digitally apply for a mortgage and import bank/payroll information directly into their application. The post Blend strikes partnership deal with PNC Bank appeared first on HousingWire.

Banks 311
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Bank groups: CFPB should keep nose out of bank mergers

Housing Wire

A banking regulatory agency asked whether the Consumer Financial Protection Bureau should be involved in deciding whether to green light bank mergers. How to use AI to enhance primacy of bank clients. banks with more than $10 billion in assets),” the advocacy group said.

Banks 344

BayFirst National Bank withdraws from residential mortgage business?

Housing Wire

Higher mortgage rates, lower volume and fiercer competition forced BayFirst National Bank to shut down its residential mortgage business and lay off staffers. The bank will continue to originate mortgage loans in its local Florida offices, the firm said. 24, the bank said.

Banks 344

Cornerstone Home Lending to buy The Roscoe State Bank

Housing Wire

Houston-based nonbank mortgage lender Cornerstone Home Lending announced on Wednesday it has received all regulatory approvals to acquire traditional depository The Roscoe State Bank, a deal that will expand its operations beyond the traditional mortgage business.

Santander Bank to stop originating mortgages in the United States

Housing Wire

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.

Banks 377

Mr. Cooper, U.S. Bank and PNC Bank settle DOJ servicing case

Housing Wire

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.

Banks 355

Old National Bank sued for alleged redlining practices

Housing Wire

The largest depository bank in Indiana, Old National Bank , is being sued for alleged redlining practices that spanned more than a decade. The post Old National Bank sued for alleged redlining practices appeared first on HousingWire.

Banks 355

Cornerstone Home Lending to acquire Roscoe State Bank

Housing Wire

Houston-based nonbank mortgage lender Cornerstone Home Lending is buying Roscoe State Bank , a traditional depository bank headquartered in Roscoe, Texas. The name Roscoe State Bank will be kept at the Bastrop , Texas locations.

FGMC owes Customers Bank $25M, bankruptcy filing shows

Housing Wire

Pennsylvania-based Customers Bank , which has warehouse lending operations located in Hamilton, New Jersey, is listed as the largest unsecured creditor in the FGMC Chapter 11 case — with a claim of $25 million, court pleadings show. Legal Mortgage Secondary Aaron Samples Customers Bank FGMC

Two Southern banks complete mortgage eNote transfer

Housing Wire

Going forward, FHLBank Atlanta will accept all eNotes, per bank officials. Officials said 11 federal home loan banks set servicing system requirements relating to eSignatures and eNote documentation in early 2020 – the culmination of three years of development.

Banks 313

Texana Bank to trim workforce in California

Housing Wire

Pink slips will arrive for 58 employees working in the mortgage business at Texana Bank in California, according to a Worker Adjustment Retraining Notification (WARN) sent to the state’s Employment Development Department.

Banks 311

Banks report rise in mortgage delinquencies

Housing Wire

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 329

Banking trade group “strongly” opposes nonbank membership in FHLB system

Housing Wire

An influential banking trade group this week argued that the Federal Housing Finance Administration (FHFA) should not permit nonbank lenders and real estate investment trusts to become members of the $1 trillion Federal Home Loan Bank system.

Banks 371

Rocket Mortgage aims to expedite mortgage services to local banks and credit unions

Housing Wire

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 364

New York Community Bank to acquire Flagstar

Housing Wire

New York Community Bank , one of New York City’s largest multifamily lenders, is set to diversify its business strategy with the acquisition of Michigan-based retail bank Flagstar Bancorp. The bank’s stock price was trading at a 26% discount to book value in late January.

Banks 329

Flagstar is banking on the private-label market

Housing Wire

A pending merger with a New York bank boasting $58 billion in assets, once finalized, promises to further bolster Flagstar’s activity in the private-label space in the year ahead. The post Flagstar is banking on the private-label market appeared first on HousingWire. Alessandro P.

Banks 371

The great mortgage bank consolidation wave is underway

Housing Wire

Up to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers or failures in the wake of the double whammy of still-rising inflation and interest rates.

Banks 344

Fifth Third Bank unveils new warehouse lending business

Housing Wire

Cincinnati-based Fifth Third Bank NA, part of Fifth Third Bancorp, a regional lender with some $207 billion in assets, has launched a new warehouse-financing arm that will serve independent mortgage bankers.

UWM rolls out bank statement loans for self-employed borrowers

Housing Wire

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications.

Banks 329

Banking agencies get deluge of feedback on CRA proposal

Housing Wire

Stakeholders on all sides of the issues sounded off on the proposed changes to the federal redlining statute in comments to the banking agencies marshaling the changes. Numerous organizations criticized the agencies for not proposing to grade banks based on data about their minority lending.

Banks 364

Bank survey: Regulatory worries reach three-year high

Housing Wire

Banks are increasingly looking over their shoulders as they cope with regulatory changes, worry about fines and manage business risk, according to a survey by Wolters Kluwer Compliance Solutions. 14 survey, collected responses from 391 mortgage companies, banks and credit unions from Aug.

Banks 343

Opinion: CRA doesn’t work for banks or IMBs

Housing Wire

Last year, in a Housing Wire op-ed , Community Home Lenders of America took the lead nationally in opposing calls to extend the Community Reinvestment Act (CRA) to independent mortgage banks (IMBs). . Many community banks do a great job of mortgage lending to underserved homebuyers.

Banks 311

Florida community bank launches mortgage arm

Housing Wire

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 bank will retain the majority ownership of the JV. Mortgage Amerant Bank Amerant Mortgage Florida launch

Banks 311

Banks Report Weaker Demand for Home Loans

Eyes on Housing

In the first quarter of 2022, the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate (RRE) loans.

Banks 134

Regions Bank places $1B bet on home renovation market

Housing Wire

Regions Bank is looking to make a big dent in the home improvement lending space , striking a deal to acquire EnerBank USA for $960 million in cash. The EnerBank team, led by Charlie Knadler, will join Regions as part of its consumer banking group reporting to Peters.

Bank of America reports double-digit decline in mortgages in Q2

Housing Wire

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 Mortgage originations from the bank totaled $14.5

Banks 311

PNC Bank breached COVID-19 payment deferral agreement: suit

Housing Wire

PNC Bank allegedly breached Fannie Mae ’s COVID-19 payment deferral agreement by continuing to charge homeowners who opted for the home retention option for past-due monthly principal and interest payments.

Banks 329

77 bank trade groups urge FHFA to modify its tangible capital rule

Housing Wire

Although bank capital regulations were updated a decade ago, [current regulations direct] the Federal Home Loan Banks (FHLBs) to use tangible capital in assessing a commercial bank’s creditworthiness for purposes of issuing advances,” the letter reads in part. “In

Banks 364

How did Wells Fargo and Bank of America’s mortgage businesses perform in the third quarter?

Housing Wire

The bank originated $62 billion in home loans during the third quarter, up 5% from $59 billion in the prior quarter. Such a move suggests the banking giant is comfortable with its balance sheet and that mortgage defaults would be stable in the upcoming quarter.

Banks 393

U.S. Bank’s Fred Bolstad to speak at Spring Summit

Housing Wire

Bank Home Mortgage , will speak on a panel titled What Mortgage Tech is Solving Now at HousingWire’s Spring Summit on March 4. Bank Home Mortgage, Bolstad is responsible for over 4,000 employees, including nearly 1,400 mortgage loan officers. Bank Home Mortgage

Banks 344

TIAA Bank to sell its correspondent biz to PenFed

Housing Wire

TIAA Bank is selling its correspondent lending platform to Pentagon Federal Credit Union for an undisclosed amount of money. TIAA Bank has laid off more than 200 workers over the past six months as it pivots away from mortgage servicing.

Banks 312

Flagstar Bank offers brokers direct access to seasoned specialty lending experts and powerful tech solutions

Housing Wire

In response, many brokers are relying on extra support, and Flagstar Bank offers exactly that. The post Flagstar Bank offers brokers direct access to seasoned specialty lending experts and powerful tech solutions appeared first on HousingWire.

Banks 311

Banks Report Unchanged Home Lending Standards

Eyes on Housing

In the second quarter iteration of the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, banks reported largely unchanged lending standards across all residential real estate (RRE) loans.

Flagstar Bank to back trio of mortgage-tech startups

Housing Wire

Flagstar Bank and the FinTech Consortium revealed that fintech startups Home Lending Pal , Stavvy and Real Key are the latest initiates to the companies’ ongoing MortgageTech Accelerator program. The post Flagstar Bank to back trio of mortgage-tech startups appeared first on HousingWire.

Banks 335