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LoanSnap troubles continue as California revokes its lender license

Housing Wire

That policy, which is designed to protect consumers from lender fraud and financial risk, expired in early August. 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.

Lending 448
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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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University Bank adds four reverse mortgage veterans to its HECM division

Housing Wire

University Bank ’s reverse mortgage division has added four key hires across different disciplines as it prepares to grow further in the reverse mortgage space. Both Droge and Olmos come to University Bank from Open Mortgage , which shuttered its own top 10 reverse mortgage lending division late last year.

Banks 468
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Has your banking partner come of age?

Housing Wire

HousingWire recently spoke with David Bernard, senior managing director of Specialized Mortgage Services at Western Alliance Bank , Member FDIC, about warehouse lending and how the warehouse sector and mortgage finance have progressed and continue to evolve. Western Alliance Bank transformed this model over a decade ago.

Banks 431
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Climate risk is rising. It calls for a rethinking of home insurance coverage

Housing Wire

Impacts to mortgage credit Banks, insurers and regulators have long acknowledged that climate risks could threaten mortgage borrowers’ creditworthiness. For homeowners with conventional loans backed by Fannie Mae and Freddie Mac , insurance at replacement cost is mandatory, but flood insurance is only required in designated flood zones.

Design 482
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Cornerstone Capital Bank gets into subservicing

Housing Wire

Cornerstone Servicing , a division of recently formed Cornerstone Capital Bank , has launched a subservicing business, the company announced Monday. Cornerstone Capital Bank was formed following a merger between a nonbank and a traditional depository.

Banks 396
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Former Fannie Mae chief named as CEO of Silicon Valley Bank N.A.

Housing Wire

The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae CEO and Blend president Tim Mayopoulos as CEO of Silicon Valley Bank N.A. , an FDIC-operated “bridge bank” meant to protect all depositors of the now shut-down Silicon Valley Bank (SVB). The bank failed to raise capital to plug a $1.8

Banks 397