CUNA Mutual Group, Madison, Wis., has signed a letter of intent to sell most of its mortgage operations to PHH Mortgage, Mt. Laurel, N.J., for an undisclosed amount.News of a possible sale was first reported by National Mortgage News in its Oct. 3 issue. According to a statement released by CUNAMG, PHH will acquire "certain mortgage-related assets, and assume origination, servicing and sub-servicing contracts" for CUNA Mutual Mortgage Corp. Over the past 12 months, CUNA Mutual Mortgage funded $1 billion in residential loans -- mostly through wholesale and correspondent relationships. At deadline time it was unclear who would wind up with CUNAMMC's $11 billion in servicing rights.
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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.
6h ago -
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
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