The Office of the Comptroller of the Currency has seized First National Bank of Nevada, Reno, and First Heritage Bank NA, Newport Beach, Calif., both formerly owned by First National Bank Holding Co., Scottsdale, Ariz. On June 30, First National Bank of Arizona -- the nation's 39th-largest wholesaler and 65th-largest mortgage lender overall in 2006, according to the latest edition of the Mortgage Industry Directory -- was merged into First National Bank of Nevada. The branches and deposits were acquired by Mutual of Omaha Bank, Omaha, Neb. Mutual of Omaha purchased $200 million in assets from the receiverships at a 4.41% premium, but it said most of the First National loan portfolio will be retained by the Federal Deposit Insurance Corp.
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Newly minted Federal Reserve Chair Kevin Warsh will host his inaugural press conference on Wednesday. Bankers will be paying close attention to what he says — and how he says it.
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The Federal Housing Finance Agency's annual report to Congress asks for enforcement and referral powers beyond the limited ones it currently has.
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The deal reinforces PennyMac's AI-focused pivot and will also accelerate development and growth of its proprietary servicing platform, the lender said.
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Rithm and UWM Holdings are the favorite names among publicly traded lenders, while BTIG adds coverage of Better Home & Finance at a buy rating.
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The deal offers a series of exchangeable, class A and B notes, which will pay coupons ranging from 6.00% on the A1 tranche to 5.00% on the A33 tranche.
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This industry executive finds subservicing mortgages impacted by rule changes and relatively higher delinquency rates helps test operations and keep them sharp.
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