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WaFd Bank exits home mortgage lending, says model is ‘unsustainable’

Housing Wire

Seattle-based WaFd Bank , which has offered home loans for more than 100 years, announced Thursday in an earnings report that it will exit the single-family mortgage lending business. That is bad news for banks like WaFd Bank, because it has made the business of originating mortgages for our portfolio unsustainable.

Lending 386
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Open banking is on the verge of transforming mortgages. Most are unaware of it

Housing Wire

A future glimpse into how mortgages will be created in 2035 can be found in an woodsy office park in Athens, Georgia. The company offers a product called Passport, which analyzes financial data provided by customers, such as banking history and recurring payments, to assess their ability to repay a loan. was only finalized this week.

Banks 436
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CFPB finalizes rule that lays the foundation for open banking

Housing Wire

The Consumer Financial Protection Bureau (CFPB) has finalized a rule that lays the groundwork for open banking in the U.S. financial system, including the mortgage sector. Today’s action will give people more power to get better rates and service on bank accounts, credit cards, and more.” The move brings the U.S.

Banks 425
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Blue Ridge Bankshares is selling its mortgage banking division

Housing Wire

the holding company for Blue Ridge Bank and BRB Financial Group Inc. , on Thursday announced that Blue Ridge Bank has entered into a definitive asset purchase and sale agreement to sell certain assets of its mortgage division. I am pleased that the Monarch Mortgage team has a wonderful opportunity with the acquiring company.

Banks 329
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TD Bank, Flagstar Bank closing dozens of branches across the country

Housing Wire

Toronto-based TD Bank and Hicksville, New York-based Flagstar Bank have announced plans to shutter numerous branches across several states. TD Bank confirmed to American Banker that it intends to close 38 branches in 10 states and Washington, D.C. The affected TD branches will close by June 5, the bank said.

Banks 367
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How bank statement loans work: 2025 guide for America’s 10 million self-employed borrowers

Housing Wire

A bank statement loan — also called a Bank Statement Mortgage —lets self-employed borrowers qualify with 12–24 months of bank statements instead of tax returns or W-2s. Bank Statement Loans solve this by measuring real deposit-giving lenders with a clearer picture of sustainable earnings. 30 %) can boost income.

Banks 421
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Cornerstone Capital Bank launches community lending division

Housing Wire

Cornerstone Capital Bank , a national mortgage originator and servicer, is launching a community lending division to serve underserved communities, the company announced this week. ” The Community Lending Division will offer mortgage programs and products tailored to benefit underserved borrowers.

Lending 345