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Tim Mayopoulos, who led the government-sponsored enterprise for six years following the Great Recession, will oversee the FDIC-created entity intended to protect Silicon Valley Bank depositors.

Rates on the 30-year fixed rate mortgage rose during the month, but purchase borrowers using jumbo loans drove activity higher compared with January, Black Knight said.

Having lived through past downturns allows experienced leaders to keep employee engagement high as the mortgage business faces its first rough cycle in over a decade.

President Joe Biden said that deposits at U.S. banks are safe following swift action from his administration's bank regulators.

Three years after many employees left the office, no standard remote employment rule has stuck.

The FDIC named Greg Carmichael, who retired last year as CEO of Fifth Third Bancorp, to run a bridge bank that will hold Signature's deposits and most of its assets.

The San Francisco-based bank, whose stock came under pressure after the failure of Silicon Valley Bank, said the increased borrowing capacity strengthens and diversifies its funding. The bank's "capital and liquidity positions are very strong," executives said.

The Treasury Department issued a "systemic risk exception" allowing it to cover uninsured deposits at SVB and Signature Bank, which New York State closed on Sunday.

Such a move would increase the ability of banks to keep up with demands from depositors to withdraw, without having to book losses by selling bonds and other assets that have deteriorated in value amid interest-rate increases — the dynamic that caused SVB to collapse on Friday. 

The bank's tech-sector focus contributed to its rapid demise. But the reasons for its failure come down to the nuts and bolts of banking, and other banks may have similar vulnerabilities.