The most charitable thing a mortgage company did this year happened when MetLife, a bank holding company, paid for its residential loan officers to receive training and education in preparation for passing their state licensing tests. Of course, it might be argued that MetLife was merely trying to make selling its mortgage division easier by having its army of LOs become 'nonbank' legal. (Bank LOs only need to register with the states and are exempt from testing.) Needless to say, it appears the LO profession now has two tiers: nonbank-ready versus not-ready. This means nonbank LOs can easily go work for a depository, but the door doesn't swing open in the other direction – unless the bank LO takes the initiative to get tested. MetLife made it easy for its LOs by footing the testing bill. Will other banks do the same?
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With 55% of homeowners planning to renovate rather than relocate, demand for home improvement capital will be strong even if the purchase market slows further.
September 17 -
Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
September 17 -
The Securities and Exchange Commission said Rule 14a-8 exceeds its statutory authority and intrudes on matters of state law. Shareholder advocacy groups, however, argue that repealing the rule could reduce transparency.
September 17 -
Brian Johnson's nomination to lead the Consumer Financial Protection Bureau advanced to the full Senate Thursday morning in a party-line vote.
September 17 -
Mortgage companies have transitioned from trying to encourage AI use to managing spending on it through a strategy dubbed "tokenomics."
September 17 -
Foreclosure rates were highest in the region, and nationwide, completed repossessions also saw a significant jump, according to Attom.
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