Organization Root Tag

After falling to a 10-year low in April, credit on the market diminished further last month, with government, conforming and jumbo offerings all decreasing, according to the Mortgage Bankers Association.

The lender has cut over 80% of its workforce since late 2021 and posted an $889 million net loss in 2022, it revealed in a financial filing.

A West Virginia homeowner is suing the banking giant for charges incurred when paying by phone, claiming breach of contract and violation of consumer protection laws.

The government-sponsored enterprise plans to further decentralize security services, which will enable risk management across the business, said Chita Elango, senior director of application security.

Consumer Financial Protection Bureau Director Rohit Chopra faces tough questions next week testifying before the Senate Banking Committee and House Financial Services Committee.

More than any real world problem posed by IMBs, it is the government in all of its manifestations that poses a significant risk to the world of mortgage finance and the housing sector more generally, writes the Chairman of Whalen Global Advisors.

Government-backed activity, though, managed to grow, which helped to shrink purchase-loan sizes to their smallest in over two months, the Mortgage Bankers Association said.

The government-sponsored enterprise has been using a predictive Jupiter Intelligence score suite to review its more than 17 million residential mortgage-related assets.

Construction activity in smaller cities also saw a significant annual decline, according to the National Association of Home Builders.

Wells Fargo is pursuing private mediation to settle claims of widespread discrimination against Black homeowners by denying them lower interest rates through refinancing and forcing them to pay more for loans.

The Consumer Financial Protection Bureau issued only 20 enforcement actions in 2022, but some observers say the enforcement numbers belie the results that director Rohit Chopra is getting from other ways of holding companies accountable.

But on a cumulative basis since 2013, the unpaid principal balance of reference pools is higher at Freddie Mac, according to the Federal Housing Finance Agency.

The changes bring in a chief financial officer from CEO Frank Martell's former company, CoreLogic, while removing four execs with ties to founder Anthony Hsieh.

The locations being shuttered are spread across eight states, according to a spokesperson. JPMorgan took over 84 First Republic branches when it bought the failed San Francisco bank a month ago. 

The fact that rates are higher than they were at origination for many distressed borrowers has made it tough to lower payments and this new type of partial claim may help.

Federal Reserve Board Gov. Philip Jefferson, who has been tapped to serve as vice chair of the central bank, said the new rules will standardize capital requirements and increase transparency.

The Federal Deposit Insurance Corp. said in its quarterly banking profile that the banking industry remains resilient despite a challenging economic backdrop, but exposure to commercial real estate losses and interest rate risks could make continued stability difficult.

The 30-year average for both conforming and jumbo loans jumped more than 20 basis points, according to the Mortgage Bankers Association.

Housing market players navigated big changes, and controversy, as the spring market moved forward.

An analysis shows how much money consumers are losing by not comparing offers from different lenders.