The megabank's multiyear effort to simplify its business model and improve its risk management is starting to pay off in the form of more consistent profitability and improved returns, CEO Jane Fraser told analysts.
Private lenders are looking for ways to expand their reach as their traditional market has become crowded, and nonconforming mortgage lending is an answer.
The top five banks have a combined servicing volume of more than $26 billion at the end of Q1 2024.
The Justice Department subpoenaed a key witness in the case, questioning the conduct of Bill Pulte and Ed Martin.
The prepayment rate grew by 37% over September as mortgage rates fell leading to higher refinancing volume in October, ICE Mortgage Technology said.
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Mortgage loan application volume jumped 7.1% on a seasonally-adjusted basis last week, the Mortgage Bankers Association said.
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Shareholders' equity topped $105 billion as net income rose 16% from the previous quarter and nearly matched year-ago results.
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The Federal Open Market Committee is expected to announce guidance on the end of its quantitative tightening program later Wednesday. As that process draws to a close, experts are questioning when and how the central bank should use its balance sheet to smooth economic stress in the future.
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The Consumer Financial Protection Bureau is rescinding two rules issued under former CFPB Director Rohit Chopra that required nonbanks to register court orders, plus terms and conditions of contracts.
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While Rocket Mortgage's satisfaction score improved by 4% versus 2024, the industry as a whole dropped 1%, with credit unions outpacing banks and IMBs.
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Late-stage mortgage delinquencies hit the highest level since January 2020 in September, a new report from VantageScore found.
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The current partisan war over the Dodd-Frank Act is just one dispute in a broader ideological divide about the government’s role in industry.
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Under the Trump administration, the challenge for the industry is to find the proper balance between supporting post-financial crisis regulations that have worked well and campaigning for reform efforts that have been ineffective.
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With the new administration and eventual new leadership of the regulatory agencies, banks’ calculus that agreeing to consent orders is usually the right course is potentially changing.
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ON-DEMAND VIDEOMonetary policy remains the key to the markets. The Federal Open Market Committee predicts one rate cut in 2026, but the panel will get a lot of data before
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ON-DEMAND VIDEOWith the government reopened and data flowing, the FOMC may cut rates again in Dec. Steve Skancke, Chief Economic Advisor at Keel Point, will break down the mee
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ON-DEMAND VIDEOWill the Federal Reserve cut rates in October? BNP Paribas Chief U.S. Economist James Egelhof discusses the meeting and Chair Jerome Powell's press conference.
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