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Change Lending to join Federal Home Loan Bank of San Francisco

Housing Wire

Nonbank mortgage originator Change Lending will become a member of the Federal Home Loan Bank of San Francisco (FHLB-SF). Change Lending’s services include small-business loans and lines of credit, investor real estate loans, rehab loans and renovation loans, according to its website.

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UWM expands bank statement loan offerings 

Housing Wire

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 370
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‘There will be bank failures,’ Fed chief tells lawmakers

Housing Wire

In remarks made Thursday to the Senate Banking Committee this week, Federal Reserve Chair Jerome Powell said he expects some U.S. banks to fail in the coming months because of declining values and defaults in their commercial real estate loan portfolios. There will be bank failures, but not the big banks.”

Banks 464
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Fifth Third Bank signs on with ICE’s mortgage technology ecosystem

Housing Wire

Fifth Third Bank, an Ohio-based regional bank, moved its origination and servicing operations to Intercontinental Exchange (ICE) Mortgage Technology ’s end-to-end mortgage technology ecosystem, the companies announced on Tuesday.

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Banks report tightened lending standards for nearly all residential mortgages: Fed survey

Housing Wire

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%).

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NexTier Bank to acquire Mars Bank

Housing Wire

NexTier , the holding company of NexTier Bank , will acquire Mars Bancorp , the holding company of Mars Bank. The combined company and branch locations will operate under the NexTier Bank brand, both banks said in a release Thursday. With the acquisition, NexTier Bank will have total assets in excess of $2.6

Banks 391
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Trustar Bank sells mortgage subsidiary to Archer

Housing Wire

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 413