Paul Davis

The bank said the move will give it more flexibility for raising capital.

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

The company said the sale will provide more consistent financial results and allow it to redeploy funds to support other businesses.

Thomas O'Brien will take the helm at Sterling Bancorp, which is dealing with internal control issues and probes by the OCC and Justice Department into its mortgage operations.

The North Carolina company will hold onto the loans after the Fed's decision to slash interest rates.

Howard Bancorp is transferring its mortgage business, along with VAMortgage.com, to a limited liability company formed by former managers in the division

Provident Bank in Amesbury, Mass., has entered warehouse lending after buying a business from People’s United Financial in Bridgeport, Conn.

HomeTrust Bancshares in Asheville, N.C., sold a portfolio of residential mortgages as part of a balance sheet restructuring, with plans to sell more.

The company will hold off on making loans under the Advantage Loan program as it conducts an audit and implements new policies and procedures.

The Dallas company said it should be able to avoid restating past financial results. It also reported higher quarterly earnings helped by increased mortgage activity.

Many community banks have given up on national mortgage platforms as not worth the effort, but organizers of NXG Bank in Maryland say they have a plan to make one work.

The Michigan company said the loan — made to a borrower that plans to shut down its reverse mortgage business — has collateral.

Bank 34 will no longer sell mortgages in the secondary market as it looks to reduce its reliance on volatile revenue streams.

The company plans to sell its third-party origination channel to Renasant. It has also lined up a deal to sell its correspondent channel.

University Bancorp gained a number of offices from Huron Valley Financial. It also hired lenders and staff with experience in reverse mortgages and wholesale lending.

The California banking company has two loans tied to DC Solar that are on nonaccrual status.

The Seattle company has a letter of intent to sell its home loan centers to Homebridge Financial Services.

The company disclosed that it paid $146 million for servicing rights associated with $13 billion in mortgages.

Bridgeview Bancorp floated its name with 14 potential buyers, but it only attracted serious interest once it promised to divest a mortgage business that recorded a double-digit decline in fee income last year.

Why now? Will it work? How will their rivals respond? The megadeal between the two East Coast regionals offers up plenty of grist for speculation.