David Sambol, currently president and chief operating officer of Countrywide Financial Corp., Calabasas, Calif., has been chosen to lead the combined consumer mortgage business of Countrywide and Bank of America, Charlotte, N.C. When the deal is completed (projected to be in the third quarter), Mr. Sambol will report to Bruce Hammonds, who will move into the new role of global consumer credit executive; he is currently BoA's card services executive. Mr. Hammonds will be in charge of all consumer credit products, including mortgages. Floyd Robinson, president of BoA consumer real estate, will continue to lead BoA consumer real estate and insurance services until the transaction closes. Meanwhile, he and Mr. Sambol will work with Mr. Hammonds on integration activities. Liam McGee will remain as BoA global consumer and small business banking president, overseeing Mr. Hammonds.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
11h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28