Countrywide Home Loans, Calabasas, Calif., the nation's largest mortgage banking firm, plans to close two "central processing units," cutting about 300 jobs in the process. The company labeled the moves as "strategic" but also cited a downturn in loan applications and what a spokesman called a "seasonal" decline in production. The CPUs that will be shuttered Jan. 3 are in Westlake Village, Calif. (200 jobs), and Sunrise, Fla. (100 jobs). The company said it will rely more on its 39 regional operations centers. Come January it will have just two CPUs, which are more national in scope. Lenders are starting to experience a decline in loan production, but executives say their biggest concern isn't volume but profit margins. They cite a flat yield curve as a key factor and the reluctance of some originators to raise their rates.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11