Change Lending now a member of Federal Home Loan Bank of San Francisco
The community development financial institution was the nation's top non-qualified mortgage lender last year, according to one ranking.
Industry News
HUD Secretary Marcia Fudge to step down
The head of the U.S. Department of Housing and Urban Development under the Biden Administration said she will transition from public life starting March 22.
Rocket, Academy Mortgage undergo headcount corrections
Rocket shrunk its workforce by about 20% year-over-year, while Academy cut 250 employees prior to being acquired by Guild Mortgage.
House Democrats urge bank regulators to crack down on bank mergers
Rep. Maxine Waters, ranking member of the House Financial Services Committee, led the letter, spurred by the recent merger announcement between Capital One and Discover, which the letter said would enable the merged company "to influence multiple points of the marketplace."
Loandepot hack leaked almost 17 million customers’ SSNs
The lender had previously revealed that personally identifying information from 16.6M customers had leaked, but hadn't offered these details.
Warren rallies progressives to urge regulators to block Capital One-Discover deal
The lawmakers, led by Sen. Elizabeth Warren, D-Mass., said the deal would further anti-consumer bank consolidation, but also criticized the OCC's proposed changes to the merger process, asking that they be strengthened.
Former Wall Street exec to head up operations at Fannie Mae
A financial services veteran, Peter Akwaboah joins the government-sponsored enterprise after serving as a managing director for Morgan Stanley, where he led technology and innovation strategy.
Deepening downturn in U.S. agriculture economy red flag for banks
The USDA forecasted farm profits will plunge 26% this year, potentially creating credit quality challenges for lenders.
The Capital One-Discover deal raises thorny issues for Washington
The blockbuster merger proposal will be reviewed at a time when the Biden administration is expressing skepticism about consolidation. Its analysis will have to account for markets dominated by both big banks and the likes of Visa and Mastercard.
Barclays gives dozens of bankers nothing in grim bonus round
Barclays is planning to hand dozens of investment bankers no bonus as the slowdown in dealmaking forces it to cut payouts for a larger-than-usual group of its lowest performers.
Freedom Mortgage challenges “vague” HMDA accuracy criteria
A regulator claims Freedom Mortgage's bad data in 2020 violated a consent order the company signed a year earlier for intentional misrepresentations.
California banks to combine in $234 million ‘merger of equals’
The deal involving Southern California Bancorp and California BanCorp, expected to close in the third quarter, would form a $4.6 billion-asset lender with a footprint spanning San Diego, Greater Los Angeles and the San Francisco Bay Area.
Loandepot faces class action over PII exposure during breach
16.6 million former and current Loandepot customers had their data leaked, the lender and servicer announced Monday.
Rocket Mortgage’s prospects dim in purchase market, analyst states
Low refinance volume creates a "relative disadvantage" for Rocket, which historically had a much larger share of that market versus purchase, a note by Bose George, analyst at Keefe, Bruyette & Woods, said.
Bank of Montreal reworks loan deal for Warburg’s Everise stake
Banks began marketing the loan, which funded a 47% stake purchase in Everise in early November. But the sale for the B3 rated debt struggled and dragged on for over a month.
Progressive groups target asset managers after their ESG support wanes
Left-leaning shareholder groups are asking JPMorgan Chase, Goldman Sachs and other large asset managers to explain a recent decline in their support for certain environmental and social policies at public companies.
Santander Bank settles home appraisal discrimination suit
A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.
Truist lures new chief legal officer from Ally Financial
Scott Stengel, who has been Ally's general counsel since 2016, will succeed Ellen Fitzsimmons, who is retiring after four years as head of legal affairs at Truist.
RIP BSBY: Bloomberg to shut down its lagging Libor replacement
The BSBY interest rate benchmark was originally envisioned as a successor to the once-ubiquitous Libor rate. But it failed to gain much traction, and Bloomberg now plans to shut it down next year.
UWM, Guaranteed Rate, Loandepot roll out new initiatives
Also, Wells Fargo, Finance of America entered into partnerships affecting real estate tax and cybersecurity solutions.
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