Housing Wire

FEBRUARY 9, 2023

Northpointe Bank , a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business. The last day for fundings is April 28, the regional bank said in an e-mailed response.

Lending 391

Lending Banks Finance Loans 391

Housing Wire

AUGUST 30, 2024

Mortgage banking executive and industry mergers & acquisitions advisor Rick Roque has taken a new executive position at NFM Lending. Roque co-founded M&A and retail mortgage banking firm Menlo Co. Its subsidiaries include Main Street Home Loans , BluPrint Home Loans , Elevate Home Loans and Element Home Loans.

Lending 429

Lending Land Banks Loans 429

Housing Wire

SEPTEMBER 21, 2022

Cincinnati-based Fifth Third Bank NA, part of Fifth Third Bancorp, a regional lender with some $207 billion in assets, has launched a new warehouse-financing arm that will serve independent mortgage bankers. The post Fifth Third Bank unveils new warehouse lending business appeared first on HousingWire.

Lending 396

Lending Banks Commercial Finance 396

Housing Wire

JULY 31, 2023

banks have tightened their lending standards for residential real estate (REE) loans and home equity lines of credit (HELOC) in the second quarter amid the collapse of regional banks and a cascade of interest rate hikes by the Federal Reserve to tame inflation. of banks reported weaker demand for HELOCs.

Lending 360

Lending Banks Mortgages Loan Officer 360

Housing Wire

JUNE 28, 2023

United Wholesale Mortgage (UWM) announced this week that it has added four bank statement loan offerings for self-employed borrowers. To qualify for loans of up to $3 million with up to 90% loan-to-value (LTV), self-employed borrowers can now provide bank statements to verify income rather than tax returns, W2s or pay stubs.

Banks 364

Banks Loans Lending Mortgages 364

Housing Wire

JUNE 15, 2021

Houston-based nonbank mortgage lender Cornerstone Home Lending is buying Roscoe State Bank , a traditional depository bank headquartered in Roscoe, Texas. The merged organization is to be known as Cornerstone Capital Bank, and the mortgage division will continue to be known as Cornerstone Home Lending.

Lending 468

Lending Banks Loan Officer Loans 468

Housing Wire

OCTOBER 25, 2024

FormFree , a mortgage fintech founded in the midst of the Global Financial Crisis by Brent Chandler, is putting the customer in control of their own data, a practice known as “open banking” that could transform lending. The data can then be shared in a marketplace called FFX, which connects lenders with borrowers.

Banks 434

Banks Mortgages Lending Industrial 434

Housing Wire

JUNE 13, 2023

Dallas-based Comerica Bank has decided to “organically exit” the mortgage banker finance business following the tumult in the banking industry that threatened the nation’s top warehouse lenders. The bank expects to improve its loan-to-deposit ratio by 150 basis points by the end of 2023.

Banks 330

Banks Lending Finance Investor 330

Housing Wire

SEPTEMBER 19, 2024

Department of Justice (DOJ) announced this week that they have secured a $15 million conciliation agreement with New Jersey-based OceanFirst Bank to settle allegations of discriminatory redlining in certain neighborhoods with majority Black, Hispanic and Asian populations. Department of Housing and Urban Development (HUD) and the U.S.

Banks 393

Banks Lending Loans Loan Officer 393

Housing Wire

OCTOBER 22, 2024

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.

Lending 370

Lending Mortgages Loan Officer Development 370

Housing Wire

SEPTEMBER 23, 2024

Los Angeles area-based mortgage lender Premier Plus Lending announced last week that it is expanding into the senior-focused home equity market with a new division, Retirement Mortgage Solutions , which will include reverse mortgages and other home equity-based lending instruments.

Lending 406

Lending Mortgages Equity Loan Officer 406

Housing Wire

JANUARY 27, 2023

Most retail lenders are desperately seeking high producing loan originators to make up for the losses that occurred in 2022. California-based retail lender JVM Lending plans to drum up business this year — but by doing the exact opposite. Back in the 2007-2009 meltdown, we had loan officers with us at that time.

Lending 410

Lending Loans Pre-approval Loan Officer 410

Housing Wire

AUGUST 31, 2023

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 390

Banks FHA loan Lending Equity 390

Housing Wire

MAY 29, 2024

Mortgage lender Kind Lending has hired Tammy Richards , who previously held positions at Bank of America , Caliber Home Loans and loanDepot , as its chief operating officer. Tammy is stepping in with Kind Lending to handle some of their strategic initiatives and she is partnering with them to help grow their vision.

Lending 335

Lending Banks Loan Officer Loans 335

Housing Wire

JULY 18, 2023

The Federal Reserve , Federal Depository Insurance Corporation and the Office of the Comptroller of the Currency , which together regulate large depository banks, are expected to unveil the proposed changes on July 27. The regulators want smaller banks to be able to better compete with larger peers, Bloomberg reported.

Banks 365

Banks Lending Mortgages Residential 365

Housing Wire

AUGUST 31, 2022

Houston-based nonbank mortgage lender Cornerstone Home Lending announced on Wednesday it has received all regulatory approvals to acquire traditional depository The Roscoe State Bank, a deal that will expand its operations beyond the traditional mortgage business. For The Roscoe State Bank, Piper Sandler & Co. It funded $5.1

Lending 336

Lending Banks Commercial Loan Officer 336

Housing Wire

SEPTEMBER 30, 2024

The rise of private lending Private lenders disrupted the monopoly of traditional banks and the private lending market has since seen a remarkable rise, reaching $1.5 With the rise of private lending comes an increase in competition, from new and traditional lenders.

Lending 371

Lending Technology Banks Loans 371

Housing Wire

JUNE 25, 2024

Anaheim, California -based nonbank Change Lending on Tuesday announced the hiring of Madison Simm as its new chief financial officer. Simm has more than 25 years of experience in financial services and has held multiple executive roles at banks and mortgage companies. I am thrilled to join Change Lending as CFO,” Simm said.

Lending 325

Lending Banks Renovation Loans 325

Housing Wire

AUGUST 17, 2023

Bank of America (BofA) prevailed in a court case brought against it by Cook County , Illinois , which sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago area. The news was first reported by Bloomberg Law. The presence of an alleged scheme was also not supported, he said. “As

Banks 363

Banks Lending Principal Loans 363

Housing Wire

JUNE 20, 2024

Michael Saleh, a former senior vice president of Rocket Mortgage who spent about two decades at the company, has transitioned from the retail lending channel to wholesale by launching independent brokerage firm Zoom Home Lending. Each LO is closing 12 loans per month with an eventual goal of 15 to 20.

Lending 458

Lending Brokerage Loan Officer Loans 458

Housing Wire

APRIL 9, 2021

Over the last several years, non-bank mortgage originators have established a much larger market share. Additionally, non-bank servicers have more than doubled their ownership of servicing rights in the last 10 years. There’s a lot of seasoning behind student loans, and the loans perform extremely well.

Lending 395

Lending Banks Loans Finance 395

Housing Wire

OCTOBER 22, 2024

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 405

Banks Mortgages Lending Staging 405

Housing Wire

JULY 27, 2023

The Federal Reserve , Federal Depository Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released on Thursday the proposed changes for the Basel III rule (called the Basel endgame), which significantly increases capital requirements for banks. Community banks would not be impacted.

Banks 364

Banks Lending Mortgages Equity 364

Housing Wire

MARCH 20, 2024

Figure Lending LLC is now operating under the umbrella of Figure Technology Solutions , independent of CEO Mike Cagney ’s Figure Technologies. The launch of Figure Technology Solutions comes a few months after Bloomberg reported that Figure Technologies was working with multiple investment banks — including Goldman Sachs Group Inc. ,

Lending 417

Lending Equity Technology Banks 417

Housing Wire

JUNE 6, 2024

Mortgage lending in the U.S. reduction in residential lending activity compared to first-quarter 2023 and a 69.3% reduction in residential lending activity compared to first-quarter 2023 and a 69.3% All major mortgage lending categories sustained losses, the report said. Purchase-loan activity went down another 9.9%

Lending 467

Lending Mortgages Residential Loans 467

Housing Wire

APRIL 29, 2024

Pennsylvania-based Fulton Bank, National Association of Lancaster, has agreed to assume most of the deposits and assets of Republic First Bank , which state regulators seized on Friday to “protect depositors.” billion in loans. billion in 2023, with most of it being conventional (74%) and purchase (65%) loans.

Banks 382

Banks Closing Loan Officer Loans 382

Housing Wire

JANUARY 9, 2024

Home-equity lending overall found its wings in 2023 as a number of independent mortgage banks ramped up product lines over the course of the year — despite a bump in the road in the third quarter when mortgage rates surged past 7%. HELOCs have easily been the product with the largest increase in [loan]-trading volumes.”

Equity 478

Equity Lending Banks Loans 478

Housing Wire

DECEMBER 9, 2022

Bank has decided to close the wholesale mortgage businesses it inherited in the acquisition of California-based MUFG Union Bank , the company confirmed on Friday. . Bank exited a few years ago to focus on customer relationships in core lending categories,” a spokesperson for U.S. Bank was the ninth largest U.S.

Banks 374

Banks Lending Finance Mortgages 374

Housing Wire

JUNE 17, 2024

loanDepot has promoted Viviana Abarca, who has worked for the mortgage lender for the past 11 years, to managing director of mortgage lending operations. Abarca will lead loanDepot’s loan processing, underwriting and closing operations, which in the first quarter of 2024 were responsible for closing $4.6

Lending 412

Lending Mortgages Banks Closing 412

Housing Wire

MARCH 8, 2024

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 489

Banks Commercial Residential Lending 489

Housing Wire

APRIL 18, 2024

Florida-based First Federal Bank announced on Thursday that it struck a deal to acquire Watson Mortgage Corp., expanding its mortgage retail lending footprint in the communities in which it operates. Last year, the community bank originated about $435 million in mortgage volume, per mortgage data platform Modex.

Banks 436

Banks Mortgages Loan Officer Loans 436

Housing Wire

NOVEMBER 10, 2023

With soaring home prices and mortgage rates putting a damper on the market for new home loans and refinancing options, it’s a challenging time for homebuyers and lenders alike. And that offers an incredible opportunity for banks and non-banks alike to improve their digital channels to better support home equity lending.

Lending 432

Lending Equity Banks Loans 432

Housing Wire

MARCH 20, 2024

The PROGRESS in Lending Association released the names for its 2024 Innovations Award winners last week, including two vendors that are active in the reverse mortgage industry, according to an announcement. Their innovative solution supports our commitment to streamlining the lending process for our partners.”

Lending 395

Lending Mortgages Technology Banks 395

Housing Wire

SEPTEMBER 20, 2024

If we learned anything from HousingWire’s recent AI Summit , artificial intelligence (AI) is rapidly reshaping lending by streamlining processes, reducing costs, and enhancing the overall borrower experience. However, reducing the overall costs of loan origination also needs to be addressed. Click here to nominate someone.

Lending 395

Lending Industrial Mortgages Technology 395

Housing Wire

MAY 7, 2024

Flagstar Bank has made changes to its third-party origination (TPO) channel leadership. Industry veteran John Gibson is leaving the company to pursue other opportunities, and he will be replaced by Rich Hoffman as senior vice president and head of TPO lending. TPO is the bank’s main source of mortgages.

Banks 399

Banks Equity Lending Commercial 399

Housing Wire

SEPTEMBER 13, 2022

Lending standards tightened in August amid a worsening economic outlook and signs of cooling in home-price growth. A decline in MCAI, benchmarked to 100 in March 2012, indicates that lending standards are tightening while an increase in the index suggests a loosening of credit. billion in 2022 from last year’s $4.4

Lending 370

Lending Loans Equity Mortgages 370

Housing Wire

MAY 17, 2024

Chase Home Lending , the consumer and commercial banking arm of JPMorgan Chase & Co. , has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. This overlap creates difficulties, not only for banks, but for the regulators, too. Dimon wrote.

Lending 425

Lending Closing Banks Closing costs 425