Zions Bancorp, a top-ranked residential lender in Utah, named Kenneth Peterson executive vice president and chief credit officer, effective May 1. Peterson replaces Gerald Dent, who is retiring after 33 years with the company. Mr. Peterson joins Zions from Wells Fargo & Co. where he served as a chief credit officer for corporate credit and risk.
SecurityNational Mortgage Co. alleges that the larger competitor facilitated the mass resignation of its staff from Glendale and Scottsdale offices.
The bank's marketing, which hid the nature of its solicitations, led some borrowers to apply for cash-out refis that increased monthly payments, the OCC said.
While last year was the best for origination income since 2022, annual net servicing revenue for mortgage bankers was approximately 70% below 2024's level.
Three-quarters of buyers assume AI has already been embedded in the housing ecosystem, but 55% would prefer to work with a human to secure a mortgage.
Federal Reserve Gov. Stephen Miran Thursday said that the Iran war and tariffs will not have long-term impacts on inflation, but did say he is reconsidering his rate cut outlook for the year.
This week's Freddie Mac mortgage rate survey shows rates at the lowest in four weeks, but homebuyers are giving mixed signals even with improved purchase power.
