PremierWest Bancorp, Medford, Ore., has announced the selection of PHH Mortgage as a strategic partner in providing mortgage services to the bank's customers.Jim Ford, president of PremierWest Bancorp and PremierWest Bank, said the alliance will enable customers to apply for a loan "via their channel of choice, including personal loan officers in PremierWest branches, through the Internet 24 hours a day, or by telephone." All loans will be serviced by PHH Mortgage, Mt. Laurel, N.J. The companies can be found on the Web at http://www.premierwestbank.com and http://www.phh.com.
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DSCR loans once allowed coverage ratios as low as 0.65, but 2023-24 vintage stress is pushing lenders toward stricter underwriting and interest-only structures.
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The Federal Deposit Insurance Corp. issued proposals Thursday that would reduce planning requirements for big banks and slash deposit insurance prices, citing the financial health of the Deposit Insurance Fund.
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Christopher Phelan, President Donald Trump's nominee to chair the Council of Economic Advisers, declined to directly answer questions about recent inflation data and the effects of tariffs on consumers during a Senate confirmation hearing Thursday.
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Median purchase loan payments hit $2,198 in May, up 2.1% from April, as rising rates and home prices threaten to dampen origination volume, MBA reports.
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Experts aren't forecasting immediate relief and instead are citing silver linings in rate certainty and greater mortgage demand as compared to the same time last year.
June 25 -
Federal Reserve Vice Chair for Supervision Michelle Bowman said Thursday morning that the central bank recently finalized a new organizational structure for its supervision and regulation division.
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