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Homestreet enters agreement to merge with Mechanics Bank

Housing Wire

Mechanics Bank and HomeStreet Inc. Under the terms of the merger which was unanimously approved by the boards of directors of both companies HomeStreet Bank will be merged with and into Mechanics Bank. Webb, chairman of the board of directors of Mechanics Bank, said in a statement.

Banks 378
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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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Citi looks to grow market share with mortgage.com platform

Housing Wire

On Wednesdy Citi launched mortgage.com, a new platform that creates a brand-endorsed, consumer-focused channel to leverage Citi’s brand authority and encourage mortgage or refinance applications for the bank. The company has an aggressive marketing goal to reach the No. Market share and brand authority Why launch this site now?

Marketing 416
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Renovation projects remain popular, but homeowners often need help paying for them

Housing Wire

Ongoing supply and affordability challenges in the housing market have frustrated many homeowners who have looked to trade up or relocate for various reasons. The market for renovation projects is a lucrative one for homebuilders and contractors. And there are now 32 million borrowers who have at least $100,000 in tappable equity.

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FOA lowers rate, expands HomeSafe Second reverse mortgage into new states

Housing Wire

This is in line with some other proprietary reverse mortgages and seven years lower than the age requirement for the Home Equity Conversion Mortgage (HECM) program offered by the Federal Housing Administration (FHA). But FOA contends that HomeSafe Second represents a better value proposition than a traditional HELOC.

Mortgages 433
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Portrait of a pre-foreclosure peacemaker

Housing Wire

Sandoval said her approach is one that is difficult for banks and mortgage servicers to replicate, not only because of the face-to-face experience she offers but also because of the inherent – and often misguided– distrust that many distressed homeowners have for financial institutions. “There is nothing like that face to face.

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Opinion: Bank capital requirements would put squeeze on mortgage market

Housing Wire

In September, the nation’s banking regulators released a proposal to increase the capital required of banks with more than $100 billion in assets. The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market.

Banks 476