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CFPB finalizes rule that lays the foundation for open banking

Housing Wire

The Consumer Financial Protection Bureau (CFPB) has finalized a rule that lays the groundwork for open banking in the U.S. financial system, including the mortgage sector. But this rule has sparked mixed reactions within the industry, reflecting both enthusiasm and concerns. The move brings the U.S.

Banks 448
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Blue Ridge Bankshares is selling its mortgage banking division

Housing Wire

the holding company for Blue Ridge Bank and BRB Financial Group Inc. , on Thursday announced that Blue Ridge Bank has entered into a definitive asset purchase and sale agreement to sell certain assets of its mortgage division. I am pleased that the Monarch Mortgage team has a wonderful opportunity with the acquiring company.

Banks 329
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MBA teams with Cleveland State University on mortgage banking education program

Housing Wire

The Mortgage Bankers Association (MBA)s education division, MBA Education, recently launched its Mortgage Banking Bound (MBB) program at Cleveland State University. Last week, our first class was led by Jen Peachman from GVC Mortgage. 15 and goes until the end of April, Hoffman told HousingWire.

Banks 370
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One mortgage lender abandons the Florida condo market

Housing Wire

Provident, run by the Pica family, is known in the industry for its conservative approach and sports a better-than-average delinquency rate in its servicing portfolio, so it’s perhaps not a huge surprise it would exit such a choppy space. Messages left with Provident were not immediately returned on Friday.

Mortgages 524
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John Cornish explains scaling beyond $40 million in mortgage sales volume

Housing Wire

In a new episode of “The Loan Officer Podcast,” host Dustin Owen chats with John Cornish of Iowa-based Key Mortgage Group about his path into the industry, tips for scaling a mortgage lending business and how to avoid stagnation as a loan originator. Cornish started his career in mortgage banking at Wells Fargo in Iowa in 2003.

Mortgages 370
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FOA lowers rate, expands HomeSafe Second reverse mortgage into new states

Housing Wire

Reverse mortgage industry leader Finance of America (FOA) announced updates on Thursday to the interest rate for HomeSafe Second, its proprietary second-lien reverse mortgage product. It will also be available in four new states, bringing the total to 10 with more planned for 2025.

Mortgages 434
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AmeriTrust Mortgage hires Jett Farrington as COO

Housing Wire

California -based direct lender AmeriTrust Mortgage announced a new addition to its leadership team. The company welcomed veteran mortgage executive Jett Farrington this week as its new chief operating officer. Schoep told HousingWire that Farrington has a proven track record of leadership, expansion and mortgage industry expertise.

Mortgages 397