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OceanFirst Bank to acquire Garden State Home Loans

Housing Wire

OceanFirst Bank N.A. is acquiring Garden State Home Loans Inc. which will become a new division for the regional depositary bank, HousingWire has learned. Garden State’s website and social media page reflect the status of a “division of OceanFirst Bank N.A.” billion in 19,000 loans since its foundation.

Banks 465
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Banks report tightened lending standards for nearly all residential mortgages: Fed survey

Housing Wire

Banks reported having tightened lending standards across almost all categories of residential real estate loans over the fourth quarter of 2023 amid an elevated interest rate environment. banks said they saw weaker demand for all types of residential real estate loans except for government (46.2%) and subprime mortgage loans (41.6%).

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First Federal Bank to acquire Watson Mortgage Corp.

Housing Wire

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 448
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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 370
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FDIC settles with Arkansas bank over alleged violations, including for reverse mortgages

Housing Wire

FDIC) this month announced a settlement with Arkansas-based Bank of England over alleged violations of the Federal Trade Commission Act, the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA) and the Home Mortgage Disclosure Act (HMDA). The bank has been issued an order to pay a civil penalty of $1.5

Banks 454
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NYCB to sell $5B in mortgage warehouse loans to JPMorgan

Housing Wire

New York Community Bancorp , the parent of Flagstar Bank , said it’s still committed to the home loan business despite selling approximately $5 billion in warehouse mortgages to JPMorgan Chase Bank to improve its capital and liquidity position. market share, according to Inside Mortgage Finance (IMF) estimates.

Loans 467
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Fifth Third Bank signs on with ICE’s mortgage technology ecosystem

Housing Wire

Fifth Third Bank, an Ohio-based regional bank, moved its origination and servicing operations to Intercontinental Exchange (ICE) Mortgage Technology ’s end-to-end mortgage technology ecosystem, the companies announced on Tuesday.