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 358

Banks Mortgages Finance Commercial 358

Housing Wire

MARCH 16, 2023

financial institutions — and resulted in the failures of Silicon Valley Bank and Signature Bank. Investors flock to safer assets amid fears brought by bank collapses, and the 10-year Treasury note fell from nearly 4% at the start of last week to 3.4% But what is there to expect ahead for the housing market? by mid-week.

Mortgages 375

Mortgages Banks Fixed-rate mortgage Lending 375

Housing Wire

MARCH 19, 2023

Mortgage rates fell as the banking crisis got worse and purchase application data grew for the second week in a row, but the big question is: Did we hit the seasonal bottom in housing inventory? So, we can now add a new variable into the equation for 2023: What does a banking crisis mean for mortgage rates?

Banks 366

Banks Mortgages Marketing Marketing 366

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

Mortgages 288

Mortgages Banks Loans Loan Officer 288

Housing Wire

MARCH 13, 2023

Following the collapse of Silicon Valley Bank last week, the biggest bank failure since Washington Mutual in 2008, two other American banks with significant roles in the housing industry were hit by a deposit run. California-based First Republic Bank, the 14th-largest U.S.

Mortgages 333

Mortgages Banks Marketing Marketing 333

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

Mortgages 403

Mortgages Banks Lending Loans 403

Housing Wire

JUNE 17, 2022

A banking regulatory agency asked whether the Consumer Financial Protection Bureau should be involved in deciding whether to green light bank mergers. The Biden administration last year asked federal agencies — which have not denied a bank merger in the last 15 years — to update their bank merger policies.

Banks 360

Banks Mortgages Lending Industrial 360

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.” It is often said that the Fed raises interest rates until something breaks. Today, three of four mortgage loans are issued by independent mortgage companies.

Mortgages 343

Mortgages Banks Fixed-rate mortgage Loans 343

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 327

Lending Banks Mortgages Loans 327

Housing Wire

MARCH 8, 2023

Ohio-headquartered Park National Bank will pay $9 million under a settlement with the U.S. The DOJ also claims that the bank failed to take any meaningful measures to compensate for its lack of physical presence in majority-Black and Hispanic communities. Park National Bank didn’t respond to requests for comment.

Banks 300

Banks Mortgages Lending Loans 300

Housing Wire

SEPTEMBER 27, 2022

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. Founded in 1999, the bank originated $1.6

Residential 355

Residential Mortgages Banks Lending 355

Housing Wire

JANUARY 9, 2023

Kansas City, Missouri-based North American Savings Bank (NASB) will shut down its consumer direct mortgage division and lay off employees, business partners and former employees told HousingWire. Mortgage tech platform Modex shows that North American Savings Bank originated $2.3 The changes will be effective on March 7. .

Banks 424

Banks Mortgages Loans Loan Officer 424

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. Overall, the bank recorded $7.1 Bank of America had $229 billion in outstanding residential mortgages on its books through Sept.

Mortgages 334

Mortgages Banks Loans Equity 334

Housing Wire

DECEMBER 9, 2022

Bank has decided to close the wholesale mortgage businesses it inherited in the acquisition of California-based MUFG Union Bank , the company confirmed on Friday. . Bank exited a few years ago to focus on customer relationships in core lending categories,” a spokesperson for U.S. Bank wrote in a statement to HousingWire.

Lending 323

Lending Banks Mortgages Finance 323

Housing Wire

SEPTEMBER 21, 2022

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. The post Fifth Third Bank unveils new warehouse lending business appeared first on HousingWire.

Lending 382

Lending Banks Mortgages Finance 382

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%

Mortgages 397

Mortgages Banks Renovation Loans 397

Housing Wire

SEPTEMBER 9, 2022

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. Member institutions are able to borrow money cheaply and can pass savings on to members.

Banks 430

Banks Mortgages Finance Loans 430

Housing Wire

JANUARY 12, 2023

Los Angeles-headquartered City National Bank agreed to pay $31 million in relief to impacted individuals and communities to settle a redlining case with the U.S. Consequently, other banks received more than six times as many applications in these neighborhoods in Los Angeles County than City National each year.

Banks 335

Banks Mortgages Loans Loan Officer 335

Housing Wire

AUGUST 5, 2022

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. Those agencies oversee banks, and are tasked with ensuring banks do not redline , by enforcing the Community Reinvestment Act.

Banks 405

Banks Mortgages Debt-to-income ratio Lending 405

Housing Wire

OCTOBER 19, 2022

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 The ability for banks to provide credit to U.S.

Banks 397

Banks Loans Finance Commercial 397

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. On Wednesday, the bank announced that it will consider applications for residential mortgage or home equity line of credit (HELOC) on the portal EZApply only until Feb.

Mortgages 468

Mortgages Banks Fixed-rate mortgage Residential 468

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. Figure Acquisition Corp.

Mortgages 356

Mortgages Banks Due diligence Investor 356

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 398

Banks Bankruptcy Mortgages Finance 398

Housing Wire

JUNE 15, 2021

Houston-based nonbank mortgage lender Cornerstone Home Lending is buying Roscoe State Bank , a traditional depository bank headquartered in Roscoe, Texas. The merged organization is to be known as Cornerstone Capital Bank, and the mortgage division will continue to be known as Cornerstone Home Lending.

Lending 460

Lending Banks Mortgages Loan Officer 460

Housing Wire

SEPTEMBER 28, 2022

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. PNC mortgage loan officers can also collaborate real-time with customers through their online portal, the bank said. PNC Mortgage originated $9.88

Banks 269

Banks Mortgages Loans Loan Officer 269

Housing Wire

JULY 25, 2022

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. The bank eliminated 72 mortgage jobs in Iowa across earlier layoffs.

Banks 322

Banks Mortgages Loans Loan Officer 322

Housing Wire

SEPTEMBER 23, 2022

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. So why would we extend it to IMBs?

Banks 295

Banks Mortgages Lending Loans 295

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.

Mortgages 410

Mortgages Banks Residential Lending 410

Housing Wire

NOVEMBER 16, 2021

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. Troy, Michigan-based Flagstar, a federal savings bank with some $27 billion in assets, and New York Community Bancorp (NYCB) announced plans to merge in April.

Banks 448

Banks Mortgages Marketing Marketing 448

Housing Wire

JUNE 30, 2022

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. The post FGMC owes Customers Bank $25M, bankruptcy filing shows appeared first on HousingWire.

Bankruptcy 339

Bankruptcy Banks Mortgages Lending 339

Housing Wire

AUGUST 31, 2022

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. For The Roscoe State Bank, Piper Sandler & Co. It funded $5.1

Lending 282

Lending Banks Mortgages Loan Officer 282

Housing Wire

OCTOBER 11, 2021

The largest depository bank in Indiana, Old National Bank , is being sued for alleged redlining practices that spanned more than a decade. According to FHCCI, out of the 2,250 mortgage loans made by the bank from 2019 to 2020, a measly 37 were to Black borrowers across the entire Indianapolis market. million and $23.6

Banks 406

Banks Mortgages Loans Lending 406

Housing Wire

OCTOBER 17, 2022

Freddie Mac today announced it will include a review of borrowers’ bank account data to identify a history of positive monthly cash-flow activity as part of its loan purchase eligibility assessments, according to a release shared with HousingWire. It also notes that 67% of renters with an existing credit score saw scores increases.

Banks 482

Banks Mortgages Loans Industrial 482

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 Bank of America posted a $2.88

Mortgages 310

Mortgages Banks Equity Residential 310

Housing Wire

APRIL 26, 2021

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. in an all-stock merger valued at $2.6

Banks 397

Banks Mortgages Loans Residential 397

Housing Wire

NOVEMBER 16, 2022

But Brian Hale, who is assisting several buyers in their hunt for independent mortgage bank acquisition targets, sees an even more brutal landscape ahead. Still, consolidation is clearly underway in the mortgage banking industry already. By the time 2022 is wrapped up, mortgage lenders will have originated about $2.2 trillion to $1.7

Mortgages 423

Mortgages Banks Loans Loan Officer 423

Housing Wire

AUGUST 30, 2021

Cadence Bancorporation , parent of Cadence Bank, reached separate settlements with the Department of Justice and the Treasury Department’s Office of the Comptroller of the Currency totaling over $8.5 The bank, based in Texas, also has branches in Alabama, Florida, Georgia and Tennessee.

Banks 393

Banks Mortgages Lending Loan Officer 393