Finance

Federal Reserve officials said they would begin running off their $4.5 trillion balance sheet “relatively soon” and left their benchmark policy rate unchanged as they assess progress toward their inflation goal.

The government-sponsored enterprises transferred $5.5 billion of credit risk on $174 billion of mortgages in their portfolios during the first quarter.

It's the sponsor's first securitization to be rated by Morningstar; DBRS and Kroll Bond Rating Agency are still capping their ratings of Property Assessed Clean Energy bonds at double-A.

The Salt Lake City company also benefited from increases in investment securities and several large loan recoveries during the quarter.

The New York company, which is preparing to buy Astoria Financial, reported year-over-year increases in commercial-and-industrial and commercial real estate loans.

The Michigan company had fewer gains from loan sales. It also reported an increase in noninterest expenses.

Unlike the $15 billion-asset bank’s legacy mortgage bonds, the new offering is backed by loans to borrowers with strong credit and significant equity in their homes.

Double-digit growth in loan volume offset a decline in fee income at the Honolulu company.

Ocwen Financial finalized the deal to sell its interests in $110 billion of nonagency mortgage servicing rights to New Residential Investment Corp. for total consideration of $400 million.

It’s a very large number for any bank, but Bank of America executives said the move makes good economic sense and promotes relationship-building with customers.

Auto risks mounting. Mortgage market tightening. Are there any good risks these days in consumer lending? Regional bank executives insist partnerships with online lenders, unsecured personal loans and other niche efforts can work if done properly.

Increased dealings in direct consumer lending and guaranteed student loans offset a decline in mortgage-related income. A lower loan-loss provision also helped the bottom line.

The California lender, which specializes in trade finance, reported strong growth in commercial and other lending categories last quarter, and it urged the Trump administration to seek fair trade deals with China.

The Pittsburgh company, pleased with employee and client retention from its March purchase of Yadkin Financial, is looking to hire lenders from other institutions.

The regional bank reported an 8% gain in fee income and trimmed costs amid 1% loan growth.

Former Ginnie Mae President Ted Tozer is joining the board of directors at PennyMac Financial Services starting Aug. 1.

Colony American Finance has been rebranded as Corvest American Lender in the wake of equity and asset acquisitions by funds affiliated with Fortress Investment Group.

U.S. District Judge André Birotte has dismissed all federal claims against Renovate America and its government bond-issuing partners in three lawsuits that had sought class-action status.

The Buffalo, N.Y., bank also said commercial and consumer lending ticked up, while residential real estate fell during the second quarter.

The Illinois company has bought two banks and a small mortgage firm in the past year, which helped improve its second-quarter results.