Citizens Bank to end wholesale originations
Relationships with brokers will be terminated on Dec. 6, but company officials stressed there would be no impact to its loan servicing or other mortgage channels.
Industry News
MBA, NAHB and NAR urge Fed to project calm around rates
The current Treasury yield curve is leading homeowners to pay mortgage rates at least 120 basis points more than they should, equal to an extra $245 a month on a $300,000 loan, their letter said.
PNC becomes the latest bank to take advantage of regional bank failures
In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.
Federal court rules against servicers in pay-to-pay lawsuit
The class action case, first brought up in 2020, accused Lakeview Loan Servicing and LoanCare of violating the Texas Debt Collection Act by charging "junk" fees.
Capital proposal could lead to a credit crunch, critics testify
The impact on things like servicing rights would raise costs even for lenders that aren't banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.
U.S. will likely avert recession in 2024, bank economists say
The avoidance of one of the harsher economic scenarios is good news for banks, which are also contending with tighter profit margins and increasing competition for customers. But loan growth and credit quality could be at risk.
Freddie Mac looking for new CEO at critical juncture
Michael DeVito has been able to grow the government-sponsored enterprise's net worth, but at the current pace and without a rule change, it could take 10 years to build enough capital to exit conservatorship.
Monroe Capital Income to issue $186 million on middle-market loans
The trust will repay notes through a $160.7 million, floating-rate class benchmarked to the three-month Secured Overnight Financing Rate (SOFR), and a $25.1 million of fixed-rate, class B.
Fired Morgan Stanley executive alleges reverse discrimination
Kevin Meyersburg, who is white, says in a lawsuit that the Wall Street investment bank terminated his employment and replaced him with a Black woman who is less qualified for the position. Morgan Stanley declined to comment.
BMO says Bank of the West deal could deliver more savings than expected
The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.
AmeriFirst Financial files for bankruptcy
The company in a court filing suggests it has funds available for its unsecured creditors, led by a private equity firm, major banks and a servicer.
Fannie Mae forecast foresees lean times for lenders
An economic slowdown would deliver lower interest rates but tighter credit standards, while a "soft landing" for the economy wouldn't solve the low inventory problem, a new report said.
BMO, Wells Fargo and USAA are latest banks to report layoffs
The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.
Nonbank mortgage profits rebound in Q2, but still in the red
Lenders reported a net loss of $534 on each loan they originated in the last quarter, an improvement from the $1,972 loss per loan the quarter prior.
UBS to pay $1.44 billion to settle DOJ mortgage-bond case
UBS Group AG agreed to pay $1.44 billion to settle a case with the U.S. Department of Justice regarding how it handled residential mortgage-backed securities.
Western Asset Mortgage Capital Corp. chooses AG Mortgage
The delivery of immediate cash value to WMC stockholders was one of two points that solidified the deal.
Ginnie Mae mulls permanent credit facility for nonbanks
The agency's president, Alanna McCargo, called the nonbank liquidity issue "the biggest of our time," while speaking at the Bipartisan Policy Center Tuesday.
Debt-burdened world leaders love to hate ratings companies
Rich-world peers from Italy to France and the UK are in the spotlight as higher interest rates impact debt levels exceeding 100% of annual output. Stakes are even higher for capital-hungry developing nations.
Greg Seibly becomes EverBank CEO after divestiture by TIAA
Seibly, a 35-year banking industry veteran, takes over the Jacksonville, Florida, online bank now that private equity investors have purchased it from TIAA.
Mr. Cooper completes acquisition of Home Point Capital
The mortgage company was able to move a lot closer to its goal to become a $1 trillion servicer with the expiration of the final tender offer and closing of the deal.
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