Housing Wire

OCTOBER 25, 2024

FormFree , a mortgage fintech founded in the midst of the Global Financial Crisis by Brent Chandler, is putting the customer in control of their own data, a practice known as “open banking” that could transform lending. Lapin said FormFree operates within an open banking framework, a relative rarity in the mortgage industry.

Banks 459

Banks Mortgages Lending Industrial 459

Housing Wire

OCTOBER 18, 2024

New York Community Bancorp (NYCB) this week announced that it rebranded to Flagstar Bank , laid off 700 employees and anticipated the transition of another 1,200 to Mr. Cooper Group as part of the sale of its third-party origination (TPO) business and mortgage servicing rights (MSRs). In many cases, roles were similar or duplicative.

Banks 448

Banks Sales Commercial Equity 448

Housing Wire

APRIL 15, 2024

Mortgage experts added that struggling lenders — which laid off staff, received cash infusions and were overly enthusiastic about a market recovery after two years of shrinking originations — may be forced to find other options, such as mergers and acquisitions. Last week, the U.S. in March compared to a year earlier.

As-is 482

As-is Industrial Mortgages Loans 482

Housing Wire

OCTOBER 21, 2024

An effort seeking summary judgment in a case brought by Texas Capital Bank (TCB) against Ginnie Mae over reverse mortgage-related collateral has been denied by presiding Judge Matthew Kacsmaryk, according to a court filing reviewed by HousingWire ’s Reverse Mortgage Daily (RMD). TCB retains its other claims for relief,” the judge said.

Banks 448

Banks Equity Mortgages Loans 448

Housing Wire

APRIL 4, 2024

Federal Reserve vice chair for supervision Michael Barr said the central bank is taking “a very thoughtful approach” to the Basel III rules (aka the Basel endgame), which would significantly increase bank capital requirements and, if implemented, affect the mortgage industry. “We Trade groups have opposed the new regulations.

Banks 513

Banks Commercial Residential Loans 513

Housing Wire

JULY 25, 2024

Cooper Group has struck a deal to acquire a third-party origination (TPO) platform and $356 billion in mortgage servicing rights (MSRs), advances and subservicing contracts from Flagstar Bank , owned by New York Community Bancorp (NYCB). The bank recently received a $1 billion equity investment from a group led by former U.S.

Banks 493

Banks Equity Commercial Mortgages 493

Housing Wire

MARCH 29, 2024

Federal Home Loan Bank reform is in the air in Washington D.C. And the Coalition for Federal Home Loan Bank Reform , a group that I chair and started as a small group of D.C. And the Coalition for Federal Home Loan Bank Reform , a group that I chair and started as a small group of D.C. billion dollars(!) billion dollars(!)

Banks 468

Banks Loans Development Finance 468

Housing Wire

SEPTEMBER 19, 2024

Heartland Bank , the leading reverse mortgage lender in Australia and New Zealand , will rebrand its dedicated reverse mortgage division from “Heartland Finance” to “Heartland Bank” following a recent acquisition and a repositioning of its offerings. “We experienced an inflation rate of 3.1%

Mortgages 448

Mortgages Banks Finance Branding 448

Housing Wire

MAY 21, 2024

This market stability is compelling several long-term investors, including banks and insurance companies, to increase their mortgage allocations as they reduce allocations to commercial real estate and business lending. This is resulting in new balance sheet strategies for institutional investors.

Residential 488

Residential Equity Mortgages Purchase and sale agreement 488

Housing Wire

AUGUST 15, 2024

Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer reasons why the motion should be denied. Attorneys for the U.S.

Bankruptcy 468

Bankruptcy Banks Development Loans 468

Housing Wire

APRIL 17, 2024

Cuts to the Federal funds rate (and subsequently to mortgage rates) are imminent, traders enthused after December’s meeting of the Federal Open Market Committee in which committee members predicted three rate cuts in 2024. Some experts forecasted as many as six rate cuts in the year based on this news.

Mortgages 493

Mortgages Fixed-rate mortgage Banks Residential 493

Housing Wire

JANUARY 14, 2025

In commentary released last week, Bank of America analysts labeled the December jobs report as gangbusters as nonfarm payrolls jumped by 256,000 positions, well above the six-month average growth rate of 165,000. Given a resilient labor market, we now think the Fed cutting cycle is over, Bank of America analysts wrote. in November.

Mortgages 418

Mortgages Banks Loans Finance 418

Housing Wire

APRIL 16, 2024

Bank of America (BofA) reported another quarterly decline in mortgage and home equity production in the first quarter of 2024. Expect independent mortgage banks to continue taking share from the large commercial depositaries, which are still shrinking their footprints in lending and servicing,” Hagen said in a report on Tuesday.

Mortgages 448

Mortgages Banks Equity Commercial 448

Housing Wire

JUNE 17, 2024

Wells Fargo ’s program that provides up to $5,000 in closing costs for low- and moderate-income families to purchase a home has been extended to an additional 16 metro areas, the bank announced on Monday. This has resulted in the bank exiting the correspondent channel and shrinking its servicing portfolio.

Closing costs 482

Closing costs Closing VA loan Banks 482

Housing Wire

AUGUST 15, 2024

There are many government program offerings designed to support low-income borrowers and underserved communities available through banks and credit unions, including: Federal Housing Administration (FHA): FHA provides mortgage insurance on loans made by FHA-approved lenders. by the fourth quarter of 2024.

Industrial 476

Industrial Fixed-rate mortgage Banks Loans 476

Housing Wire

AUGUST 29, 2024

Presidents and board chairs of the 11 Federal Home Loan Banks (FHLBanks), under pressure to pump more money into affordable housing, sent letters to the U.S. This system lent billions of dollars to Silicon Valley Bank , Signature Bank and First Republic Bank before these banks collapsed in 2023.

Banks 435

Banks Finance Development Loans 435

Housing Wire

OCTOBER 24, 2024

Online real estate marketplace Auction.com released data this week showing that demand for distressed homes — including bank-owned properties and foreclosures — shrank for a second straight quarter. Foreclosure supply at auctions is now at 44% of the pre-pandemic level in first-quarter 2020, while bank-owned supply is at 37%.

Marketing 482

Marketing Banks Development Mortgages 482

Housing Wire

AUGUST 30, 2024

Mortgage banking executive and industry mergers & acquisitions advisor Rick Roque has taken a new executive position at NFM Lending. Roque co-founded M&A and retail mortgage banking firm Menlo Co. According to Modex, the Maryland-headquartered independent mortgage bank has originated about $5 billion over the last 12 months.

Lending 435

Lending Land Banks Loans 435

Housing Wire

AUGUST 15, 2024

Toronto-based Bank of Nova Scotia , which operates as Scotiabank , has hired a group of JPMorgan Chase Bank executives to lead a new mortgage capital markets business that expects to launch this fall. The bank was followed by Flagstar Bancorp (11.5% share), Merchants Bank (7% share) and Everbank (6% share). per share.

Mortgages 448

Mortgages Banks Finance Lending 448

Housing Wire

JUNE 14, 2024

bank regulator following the scandal-induced resignation of Martin Gruenberg. The highly controversial TARP was implemented in the wake of the subprime mortgage crisis and allowed the federal government to become a shareholder in more than 700 banks. FDIC), putting her on track to head the U.S. presidents.

Banks 459

Banks As-is Mortgages Finance 459

Housing Wire

AUGUST 6, 2024

Attorneys for Ginnie Mae have responded to Texas Capital Bank (TBC) over the government’s motion to move the case to a different venue. They say that the bank’s own filing on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should take place.

Mortgages 459

Mortgages Banks Title Lending 459

Housing Wire

OCTOBER 30, 2024

A consent order signed by a Connecticut banking commissioner said that LoanSnap failed to notify the Nationwide Multistate Licensing System (NMLS) that its main address had changed. These actions include a Wells Fargo suit filed in Minnesota, where the bank sought more than $430,000 over an alleged breach of contract.

Lending 448

Lending Loan Officer Banks Loans 448

Housing Wire

JULY 1, 2024

The second objection is that there are already sufficient private sector loan options for this loan product — primarily the banks and a small cohort of PLS originators. It is unquestioningly positive for homeowners and many of our CHLA members are eager to help their borrowers by participating. CHLA welcomes debate on this issue.

Loans 448

Loans Mortgages Banks Lending 448

Housing Wire

AUGUST 15, 2024

Swiss bank UBS Group AG has decided to sell Credit Suisse ’s mortgage servicing company, Select Portfolio Servicing (SPS), to a group of investors led by Sixth Street , HousingWire has learned. Banks have reduced their exposure to mortgage servicing rights (MSRs) due to expected higher capital requirements and risks.

Investor 476

Investor Mortgages Banks Principal 476

Housing Wire

JANUARY 13, 2025

The University of Florida alum also has chairman and executive leadership experience with companies like Tax Guard , Capital Bank , Ally Financial , Fifth Third Bank and Bank of America. This came after the company acquired Flagstar Bank assets in July. trillion at the end of the third quarter.

Banks 369

Banks Title Technology Industrial 369

Housing Wire

AUGUST 1, 2024

The central bank has long targeted an annualized inflation rate of 2%, and current levels are trending in that direction. The central bank is paying attention to “both sides of its dual mandate,” Powell said, referring to maximum employment and stable prices. This is according to data reported by Mortgage News Daily.

Mortgages 518

Mortgages Fixed-rate mortgage Banks As-is 518

Housing Wire

JANUARY 21, 2025

The Mortgage Bankers Association (MBA)s education division, MBA Education, recently launched its Mortgage Banking Bound (MBB) program at Cleveland State University. The course is available as an elective to juniors or seniors in the university’s Monte Ahuja College of Business. It’s a true collaborative effort, Hoffman added.

Banks 195

Banks Mortgages Lending Residential 195

Housing Wire

FEBRUARY 22, 2024

In 2005, he began a 10-year stint working for the Royal Bank of Scotland in Singapore, then joined Morgan Stanley in 2015, according to his biography. Akwaboah serves on the board of the Morgan Stanley Foundation and is also a member of the Federal Reserve Bank ’s payments risk committee. Fannie Mae recently reported $77.4

Technology 497

Technology Banks Industrial As-is 497

Housing Wire

JULY 5, 2024

A ransomware attack on Bay-area Patelco Credit Union caused almost half a million members to lose access to banking services, and the outage could last for weeks. In addition to consumer banking, Patelco Credit Union is a mortgage originator and offers home equity lines of credit and mortgage refinancing.

Banks 435

Banks Equity Mortgages Loans 435

Housing Wire

JUNE 13, 2024

Through its analysis, CertifID found that based on the court cases analyzed, there is “no practical way to hold a bank responsible for wire fraud losses if the account holder or authorized representative initiated the transfer.” Despite governing this issue, the code does not include a mandate for account matching.

Banks 459

Banks Title Commercial As-is 459

Housing Wire

APRIL 24, 2024

Two former New Jersey -based mortgage loan originators have been charged with conspiracy to commit bank fraud by the U.S. The conspiracy to commit bank fraud charge carries a maximum potential penalty of 30 years in prison and a $1 million fine, or twice the gross gain or loss from the offense, whichever is greatest,” DOJ said. “The

Mortgages 543

Mortgages Loans Banks Finance 543

Housing Wire

JANUARY 8, 2025

On Wednesday, the Office of the Comptroller of the Currency (OCC) took protective measures by issuing a proclamation that allows national banks, federal savings associations, and federal branches and agencies of foreign banks to close their offices in areas of California affected by the fires. Who’s bearing the risk?

Banks 417

Banks As-is Development Closing 417

Housing Wire

OCTOBER 18, 2024

The Council of Federal Home Loan Banks (FHLBanks) lauded this week’s release of a report from the Federal Housing Finance Agency (FHFA), which highlighted the banks’ growth in support of affordable housing and community development efforts in 2023. It also indicated that the banks gave $134.6

Banks 428

Banks Development Finance Loans 428

Housing Wire

AUGUST 20, 2024

The bank will keep its agency and government-sponsored enterprise ( GSE ) loans, as well as those held on its balance sheet. The bank will keep its agency and government-sponsored enterprise ( GSE ) loans, as well as those held on its balance sheet. The deal is expected to close in early 2025. and international commercial mortgages.

Commercial 448

Commercial Mortgages Lending Banks 448

Housing Wire

APRIL 18, 2024

In a newly released trends report, FinCEN highlighted more than $27 billion worth of “suspicious activity” across more than 155,000 filings of Bank Secrecy Act (BSA) data with FinCEN between June 15, 2022 and June 15, 2023. Department of the Treasury , is sounding the alarm over challenges faced by elder financial exploitation (EFE).

Banks 476

Banks Development Mortgages As-is 476

Housing Wire

JULY 18, 2024

Fintech Sagent hired Jaime Gow, a former executive at Mr. Cooper and First Horizon Bank , as its new chief financial officer. Navy captain who served at BAE Systems until joining the company in February, noted that Gow has led different lending businesses, including de novo banks, regional banks and industry leaders like Mr. Cooper.

Banks 467

Banks Technology Lending Mortgages 467

Housing Wire

JANUARY 30, 2024

Unlike traditional HELOCs that require a homeowner to have at least 20% equity in their home, Angel Oak’s HELOC qualifies borrowers based on trailing 12- or 24-month bank statements and provides a line of credit with no usage restrictions, the lender said. from $490 billion in the second quarter.

Mortgages 468

Mortgages Equity Banks Loans 468