Bank of America’s stock closed 3.4% higher on Thursday after an analyst from Citigroup issued an upgrade. That made it the best performing stock on the Mortgage Industry Equity Composite.
Only five of the 17 MIEC stocks closed higher
Bank of Hawaii had the largest decline, down 1.9%, followed by Fiserv and Dime Community, both of which closed 1.4% lower.
Adam Boyd, a veteran financial services executive with more than 25 years of experience, will head the growth of Rate's consumer lending platform.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
Mike Kortas will be adding a separate mortgage servicing company and hiring NEXA loan officers to assist with the process and give them customer insights.
The latest government-sponsored enterprise changes include a more flexible sampling and a longer maximum term for some manufactured housing loans, respectively.
The product preserves borrower's first mortgage, and its potentially lower mortgage rate, without requiring the new monthly payments of a traditional HELOC, FOA says.
The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.
