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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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Cornerstone Capital Bank launches community lending division

Housing Wire

Cornerstone Capital Bank , a national mortgage originator and servicer, is launching a community lending division to serve underserved communities, the company announced this week. ” The Community Lending Division will offer mortgage programs and products tailored to benefit underserved borrowers.

Lending 345
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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. Announced on Tuesday, the new rule mandates that financial providers — including banks, credit card issuers and mortgage companies — share personal financial data for free with their peers when customers request it.

Banks 448
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Cambridge Wilkinson to launch $100M private lending platform

Housing Wire

Global investment bank Cambridge Wilkinson today announced the closing of a forward flow agreement up to $100 million for a private real estate lending platform specializing in short-term bridge , fix-and-flip, construction and land development loans.

Lending 300
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The crucial role of community lending in our nation’s economy

Housing Wire

Mortgage lending, small business loans, and investments in local development projects are all driven by local lenders who know their markets, live in their communities, and have a vested interest in the growth of their economies. The availability of funding at the local level is the driving force in building stronger communities.

Lending 394
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Guaranteed Rate Affinity appoints new mortgage lending VP

Housing Wire

Guaranteed Rate Affinity announced a promotion on Tuesday as the joint venture company named 22-year industry veteran Mark Rawls as vice president of mortgage lending. At Movement, Rawls started as a loan officer before taking over as producing bank manager. Guaranteed Rate Affinity currently has three branches in North Carolina.

Lending 433
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Dunmor CEO Franck Ruimy on Newfi partnership and the residential investment lending sector

Housing Wire

Last week, business-purpose residential mortgage lender Dunmor announced that it received a minority equity investment from Newfi Lending , a nonagency mortgage lender owned by funds managed by Apollo Global Management. Apollo has 16 lending platforms in the U.S. Ruimy: The transaction was completed with Apollo Global Management.