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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 397
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Flagstar Bank lays off 700, with 1,200 more to depart after asset sale to Mr. Cooper

Housing Wire

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
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Wells Fargo sells most of its commercial mortgage servicing to Trimont

Housing Wire

Wells Fargo has agreed to sell most of its commercial mortgage servicing portfolio to Atlanta-based Trimont. The deal is expected to make Trimont the largest servicer of multifamily and commercial loans in the U.S. The transaction includes only Wells Fargo’s non-agency, third-party commercial mortgage servicing (CMS) business.

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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 493
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CFO optimism falls as tariffs, trade policy remain uncertain

Housing Wire

That’s according to the CFO Survey, a collaboration between Duke Universitys Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. in Q1 2025, which the Fed banks said nearly erases the gains from a post-election jump. The CFO Survey was fielded from Feb. 18 to March 7. in Q4 2024 to 62.1

Banks 364
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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 418
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Flagstar Bank makes changes to TPO leadership

Housing Wire

Flagstar Bank has made changes to its third-party origination (TPO) channel leadership. Hoffman has spent more than 30 years in mortgage banking, 22 of them at Flagstar, where he started as an account executive. TPO is the bank’s main source of mortgages. Last year’s volume declined 29.5% billion last year, down 41.6%

Banks 448