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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% of the loans modified included a principal deferral, the OCC said.

Banks 382
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Bank of America defeats Cook County, Illinois appeal over predatory lending claims

Housing Wire

Bank of America (BofA) prevailed in a court case brought against it by Cook County , Illinois , which sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago area. The news was first reported by Bloomberg Law. Circuit Judge Kenneth F.

Banks 370
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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. In response to the lawsuit, PNC Bank said that they “do not wish to offer a comment.”

Banks 382
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MSR sale could improve NYCB capital ratio by up to 15bps: KBW

Housing Wire

Struggling New York Community Bancorp (NYCB), which triggered fears of new bank collapses, could benefit from selling mortgage servicing rights ( MSR ) to improve its capital ratio, according to analysts at Keefe, Bruyette and Woods (KBW). NYCB became a large mortgage servicer after the acquisition of Flagstar Bank in December 2022.

Sales 431
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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. The consolidation fervor is being fed by several factors, according to David Hrobon, a principal with Stratmor.

Banks 393
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NYCB, a struggling $78B resi mortgage servicer, to receive $1B equity investment

Housing Wire

In turn, the bank is expanding its board of directors, adding four new seats to include Mnuchin, the former Comptroller of the Currency Joseph Otting, Allen Puwalski from Hudson Bay, and Reverence Capital’s managing partner Milton Berlinski. ” On a call on February 7, management told analysts that the bank’s total liquidity was $37.3

Equity 398
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Mortgage industry excitement is subsiding about expected Fed rate cuts in 2024

Housing Wire

A fresh set of quarterly economic projections from Fed officials showed that borrowing costs are expected to end the year at 4.6%, suggesting that the central bank still plans to make three cuts of 25 basis points (bps) each in 2024.