JPMorgan Chase said it would eliminate about 8,000 jobs in the consumer and mortgage banking units this year as demand for refinancings declines.
The company plans to eliminate 22 of its 37 mortgage products and programs by the end of the year.
The Consumer Financial Protection Bureau levied a $83,000 civil money penalty on Monday against Connecticut-based First Alliance Lending, a specialty firm that focuses on providing loss-mitigation financing to distressed borrowers.
Bitter weather, the qualified mortgage rule's restrictive guidelines and the lingering effects of the foreclosure crisis have put a crimp in homebuying at an inopportune time for lenders.
Prospect Mortgage did everything right to defend itself against overtime and minimum wage claims from salespeople, though some industry attorneys caution the rulings in its favor may have limited applicability.
Lenders should be aware auditors are focusing on 1099 payments due to the concern that the payments could be a vehicle for compensation no longer permissible under the Dodd-Frank Act.
Is the return of mortgage companies to NASCAR sponsorships a sign the industry's recovery from the subprime crisis is speeding ahead, or spinning out of control?
The loans have better-than-average credit and home equity metrics, according to Standard & Poor's. The deal lacks fraud-related representations and warranties, but all loans are performing, DBRS finds.
As Fannie Mae reports another big profit and the repayment of its government bailout, key questions remain about the size of taxpayers return and the mortgage giants business model.
Sales of previously owned homes dropped in January to the lowest level in more than a year as harsh winter weather combined with a lack of supply, tight credit and declining affordability slowed demand.
After eight straight profitable quarters and record annual income, Fannie Mae's dividend payments to the U.S. Treasury now exceed the bailout funds it's received since 2008.
The giant servicer wants third-party property sellers to use its online auction portal.
The Mortgage Bankers Association is trying "to get the regulators to just be aware of where one rule conflicts with another," says the trade group's president, David Stevens.
Lower volumes and increased regulation are leading more lenders to consider outsourcing. But the savings and compliance improvements must outweigh increased liability for contractors and a rise in offshore prices.
Once written off as an endangered species, nonbank home lenders are making a comeback in the third-party origination businesses abandoned by banks since the financial crisis.