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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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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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Better Mortgage partners with NEO Home Loans to transform “local” mortgage lending

Housing Wire

Purchase loans are now outpacing refinances, and interest rates are reaching the stratosphere. In this executive interview, NEO Home Loans President Ryan Grant discusses the company’s partnership with Better Mortgage , which is aimed at combining technological innovation and local market knowledge. Now they dont have to.

Lending 365
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Here’s how one CRE veteran helps multifamily investors thrive

Housing Wire

If it isn’t rising interest rates or shifting rental trends, then growing technology is the driving force that prompts investors to evolve. In this executive conversation, van der Reis explores his experience in CRE finance, technology, loan servicing , and risk management. A change is needed.

Investor 468
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Milestone Mortgage acquires Willow Home Loans with ‘goal to be No. 1’

Housing Wire

Federally registered broker and correspondent lender Milestone Mortgage Solutions has acquired Willow Home Loans and is looking to join the $1 billion origination club this year. “With this technology , we’re going to be able to flip the script. Bristol County Savings Bank bought into Milestone in 2022. ”

Loans 370
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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. That is a common goal we share.

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5 lessons we learned at the HW Economic Summit – and why we consider it a ‘must attend’

Housing Wire

With economists, analysts and industry leaders in the room, discussions revolved around key economic indicators, inventory shifts, technology advancements and what lenders should be doing right now to prepare for the next cycle. If that holds, lenders who are prepared will find real opportunities for growth. You should be!