Regions Financial Corp., Birmingham, Ala., has decided to close its warehouse lending unit, a company spokesman confirmed Aug. 14.He said mortgage bankers that borrow from the division were sent letters last Friday. "We're trying to find lenders for those customers," he added. The group has outstanding lines of about $350 million. Roughly 30 employees are affected by the move. The bank is trying to place those workers in other jobs at Regions.
There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.
Fannie Mae's conservator is supporting the government-sponsored enterprise's test within certain boundaries, according to a recent social media post.
The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic."
The bureau said the move is intended to remove potentially confusing language with an upcoming revision to the Equal Credit Opportunity Act.
