Wells Fargo Funding Inc. and Countrywide Institutional Mortgage Services Group have agreed to purchase mortgages from 32 community banks that are part of a joint venture put together by a for-profit subsidiary of America's Community Bankers.The trade group launched ACB Mortgage LLC in February to act as a negotiating agent with investors to get the best secondary-market execution. "We anticipate that this new venture will immediately benefit" from Countrywide's and Wells Fargo's inclusion, said Deborah Whiteside, president of ACB Mortgage. CIMSG president Doug Jones said a "coordinated execution" involving ACB Mortgage and Countrywide "is designed to offer product solutions and help community banks become more successful in today's environment of declining market shares, reduced margins, and increased competition."
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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