On Friday the government will release its new employment numbers for December and we'll see first hand if all this glowing economic optimism we've been hearing about is for real. Meanwhile the yield on the benchmark 10-year Treasury has fallen to a less frightful level (3.3%) and mortgage bankers are hoping (now cross your fingers) that come spring consumers will step up their home buying. Meanwhile, we keep hearing reports that even more community banks are jumping into the warehouse arena, the latest entrant being People's United Financial of Connecticut. People's recently hired Paul Best who ran warehouse finance at PNC Bank. PNC, for some reason, didn't like the business…
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The reverse mortgage lender's net income fell 136% from $80 million year over year in the second quarter, but still increased funded volume by 21%.
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The lender's loss shrank to $6.6 million, but a rate-driven servicing valuation gain drove much of it as adjusted losses widened annually.
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Lenders reported July declines of HECM endorsements and new securities issuances, but proprietary lending drove a 28% year-over-year surge in originations.
August 4 -
The real-estate investment trust affiliate has been focusing on making more funding available for new loans but also seeks to hold the line on credit quality.
August 4 -
Opponents argued that Provident Bank, which bought Lakeland in 2024, had yet to disburse millions of dollars remaining on a mortgage subsidy fund.
August 4 -
The competitive and controversial leader, who will stay on the board, oversaw rapid growth but also a massive downsizing, and a notorious mass firing over Zoom.
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