Rock Holdings, the parent company of Quicken Loans and Rock Financial, has filed applications with federal banking regulators to operate "Rock Bank" as an FDIC-insured, community and Internet-based bank.The bank, to be headquartered in Michigan, will capitalize on Quicken's success in online lending, said Dan Gilbert, chairman of Rock Holdings. "We are thrilled that we will soon be able to offer an array of traditional banking products to our loyal customer base, backed by great customer service and the convenience of online banking," he said. Quicken Loans will become a subsidiary of Rock Bank.
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The partnership was designed to support the growth of Redwood's Sequoia platform and give Castlelake purchasing power for fully documented loans.
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Home affordability declined on a monthly basis across loan types and racial demographics, but improved from a year ago, the Mortgage Bankers Association said.
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A federal judge harshly criticized the settlement of a civil suit between the Department of Justice and a Texas land developer.
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The latest study from LodeStar found the ratio of average closing cost to home sales price in several states, led by Delaware, well above the national average.
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The benchmark 10-year Treasury yield topped 4.4% on April 29 — its highest level since late March — as investor anxiety mounted.
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The technology firm posted annual gains in servicing, origination and closing solutions, although the segment at large posted an operating loss.
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