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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 447
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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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One mortgage lender abandons the Florida condo market

Housing Wire

Provident told broker partners that all loans in the pipeline must be locked by 11:59 p.m. Additionally, all loans currently locked must be funded by the lock expiration date. In particular it’s created a glut of 30-plus-year-old units on the market, with few takers. PST on Oct. 31 or they’ll be declined.

Mortgages 524
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Bijoy John joins Sage Home Loans as senior VP of marketing

Housing Wire

Sage Home Loans Corp. recently hired Bijoy John as its new senior vice president of marketing. “We are thrilled to welcome Bijoy John as the new Senior VP of Marketing at Sage Home Loans Corporation,” Sage Home Loans’ CEO Mike Malloy said in an email.

Loans 359
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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. Blue Ridge Bankshares Inc. , William Beale, president and CEO of Blue Ridge Bankshares, said in a statement.

Banks 281
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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. Other offerings will include state and local down payment assistance programs, Federal Homes Loan Bank (FHLB) grants funds and more.

Lending 310