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 458

Banks Mortgages Lending Industrial 458

Housing Wire

OCTOBER 17, 2024

The Federal Home Loan Banks (FHLBanks) saw significant growth in support of affordable housing and community development in 2023, according to a report released Thursday by the Federal Housing Finance Agency (FHFA). FHFA Director Sandra Thompson lauded the development in a statement accompanying the report.

Banks 459

Banks Loans Development Finance 459

Housing Wire

SEPTEMBER 12, 2024

The Consumer Financial Protection Bureau (CFPB) has ordered TD Bank to pay $28 million for illegal actions that could tarnish consumer credit reports and for not taking timely action to correct its errors. The bank will pay $7.76 Regulators will need to focus major attention on TD Bank to change its course.”

Banks 406

Banks Bankruptcy Finance Mortgages 406

Housing Wire

AUGUST 14, 2024

Executives at Swiss bank UBS said on Wednesday that they’ve struck a deal to sell Credit Suisse ’s U.S. servicing business, expected to close in the first quarter of 2025, benefits the bank by reducing costs and lowering risk for its balance sheet. servicing business. In the U.S., billion in unpaid principal balance (UPB).

Banks 435

Banks Closing Principal Residential 435

Housing Wire

JULY 8, 2024

In the ever-evolving landscape of mortgage banking, executives face the critical challenge of leading their teams through turbulent times. The narrative gap Mortgage banking executives are tasked with bridging a significant narrative gap. Click Here Rene Rodriguez is a best-selling author, keynote speaker, and the CEO of Volentum.

Banks 430

Banks Mortgages Industrial Technology 430

Housing Wire

JULY 11, 2024

A magistrate judge overseeing requests in a case against Ginnie Mae brought by Texas Capital Bank (TCB) has granted each side’s respective requests for an extension — one for a partial summary judgment for TCB, and the other for a change in venue by attorneys for the U.S. government.

Banks 420

Banks Bankruptcy Mortgages Lending 420

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 443

Banks Sales Commercial Equity 443

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).

Banks 443

Banks Equity Mortgages Loans 443

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 Barr said that the U.S. Barr said that the U.S.

Banks 511

Banks Commercial Residential Loans 511

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

MAY 15, 2024

New York Community Bancorp , the parent of Flagstar Bank , said it’s still committed to the home loan business despite selling approximately $5 billion in warehouse mortgages to JPMorgan Chase Bank to improve its capital and liquidity position. The bank was followed by Flagstar, with $11.8 billion in volume and a 12.3%

Loans 464

Loans Mortgages Due diligence Banks 464

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 433

Banks Finance Development Loans 433

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

Mortgages 447

Mortgages Banks Finance Branding 447

Housing Wire

JULY 23, 2024

Texas Capital Bank , after being granted an extension to respond to the federal government’s request to change the venue of the trial between the bank and Ginnie Mae , has filed an objection to the request saying that a “forum selection clause” cited by government attorneys is not enforceable.

Banks 424

Banks Bankruptcy Loans Mortgages 424

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

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 increased interest is being led by private equity investors and insurance companies.

Residential 487

Residential Equity Mortgages Purchase and sale agreement 487

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 442

Mortgages Banks Finance Lending 442

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. “Looking forward to seeing what we can do together.” in 2009 and has also worked in the mortgage technology space.

Lending 435

Lending Land Banks Loans 435

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 463

Bankruptcy Banks Development Loans 463

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

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.

Banks 459

Banks As-is Mortgages Finance 459

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

MAY 17, 2024

Chase Home Lending , the consumer and commercial banking arm of JPMorgan Chase & Co. , has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. This overlap creates difficulties, not only for banks, but for the regulators, too. Dimon wrote.

Lending 470

Lending Closing Banks Closing costs 470

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 457

Mortgages Banks Title Lending 457

Housing Wire

APRIL 17, 2024

Regional banks – which traditionally have been major residential mortgage originators – went big on commercial real estate loans as larger banks scaled back in this area in recent years. There are also spillover effects from other industries, especially office real estate.

Mortgages 493

Mortgages Fixed-rate mortgage Banks Residential 493

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. This insurance protects lenders against losses.

Industrial 475

Industrial Fixed-rate mortgage Banks Loans 475

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 474

Investor Mortgages Banks Principal 474

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 408

Banks Development Finance Loans 408

Housing Wire

JULY 8, 2024

The bank entered into an agreement to buy $1.8 More recently, regional banks have been looking to shed assets ahead of the Basel III Endgame regulations. As with many other regional banks, PacWest had billions of dollars worth of unrealized losses in its bond portfolio and uninsured deposits that were at risk of being pulled.

Loans 431

Loans Principal Banks Residential 431

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. Silicon Valley Bank (SVB) and other federally regulated banks have gone bust in the last year in large part because they borrowed short and lent long.

Loans 445

Loans Mortgages Banks Lending 445

Housing Wire

SEPTEMBER 10, 2024

about the 2023 Basel III Endgame proposal , which would modify risk-based capital requirements for large banks. He also described increasing aggregate common equity tier 1 capital requirements for the global systemically important banks (G-SIB) by 9%, and increasing capital requirements for non-GSIB firms subject to the rule by 0.5%.

Banks 448

Banks Lending Finance Loans 448

Housing Wire

OCTOBER 11, 2024

On Friday, both banks reported an uptick in home lending during the third quarter of 2024 compared to the previous quarter. The banks’ results mark the start of the quarterly mortgage earnings season. Analysts at Keefe, Bruyette and Woods said the banks’ volumes were largely in line with industry forecasts.

Mortgages 430

Mortgages Banks Lending Loans 430

Housing Wire

OCTOBER 25, 2024

According to Luminate, the decision reflects, among other things, its “focus on integrating mortgage lending into its core banking services to better serve clients and build long-term financial relationships.” The mortgage firm, which has been in business since 1998, is a subsidiary of Luminate Bank.

Loans 432

Loans Closing Banks Lending 432

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.

Mortgages 518

Mortgages Fixed-rate mortgage Banks As-is 518

Housing Wire

JULY 12, 2024

The bank had $189 million from servicing revenues in Q2 2024, compared to $144 million in the previous quarter. The bank said in a statement that home lending was down 3% year over year “on lower net interest income on lower loan balances” and down 5% from the previous quarter “on lower mortgage banking income.”

Mortgages 450

Mortgages Lending Banks Principal 450

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 434

Banks Equity Mortgages Loans 434

Housing Wire

NOVEMBER 20, 2024

In August 2023 , the bank disclosed it was under investigation by the Department of Housing and Urban Development (HUD) after the nonprofit organization filed a complaint alleging violations of the U.S. California and Washington are the bank’s main markets. According to the mortgage tech platform Modex , HSBC originated about $3.5

Loan Officer 417

Loan Officer Lending Banks Loans 417