Wachovia Corp., Charlotte, N.C., has reported record earnings of $2.34 billion ($1.22 per share), up from $1.88 billion ($1.17 per share) a year earlier, attributing a 53% increase in average loans to consumer real estate loans linked to its acquisition of Golden West Financial Corp. last October.The integration of the Oakland, Calif.-based thrift into Wachovia "is proceeding as planned," said Ken Thompson, Wachovia's chairman and chief executive officer, citing "the cross-sell potential of our expanded platform." The company can be found online at http://www.wachovia.com.
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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.
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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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Almost 75% of brokers reported growing non-QM volume in their business over the last three years, and just 3.7% said volume decreased, according to AD Mortgage.
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