Special Program Root Tag

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

The move, which comes with an unspecified number of layoffs, is expected to cost the company $3.8 million to $4.6 million in pretax charges in the second quarter.

The shift opens the door for regional banks to increase their aggregation activities, analysts said.

The company will also be reducing its servicing portfolio.

Significantly fewer households expected to be in worse shape in the coming year than was the case last summer, according to a December survey. The results are a positive sign for banks at the start of earnings season.

The plaintiffs allege that the banks did not catch obvious red flags or implement proper safeguards such as requiring two employees to approve each transaction.

As challenges will persist in the year ahead, the industry still plans on development, growth and new technology

The Consumer Financial Protection Bureau's new unit will identify the root causes of recurring violations and find ways to hold companies accountable.

The industry is taking lessons from instant point-of-sale lenders to help homeowners embarking on major projects.

Automation similar to that used by appraisers working with homeowners during the pandemic can be used by inspectors getting information about damage from weather events and disasters too.

Banks and other lenders revived special-purpose credit programs after racial-equity protests in 2020 prompted them to reexamine their services for historically underserved groups. Now they're taking those initiatives nationwide.

The top five had more than thirty billion dollars in retail lending in Q3.

Prospective borrowers can secure significant square footage for often below $300,000 in these mostly Midwest cities, according to industry veterans.

The sharpest run-up in rates seen in over three decades slashed mortgage origination volumes, and contributed to a volatile market environment, but had some cyclical benefits for servicing.

In his first American Banker interview since becoming CEO two years ago, Thomas Cangemi talks about the company's transformation into a full-service commercial bank now that it has completed its twice-delayed acquisition of Flagstar Bancorp.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

In a sprawling consent order, the Consumer Financial Protection Bureau order cited mismanagement that extended from auto loans to mortgages and deposit accounts. Wells Fargo CEO Charlie Scharf called the agreement a critical milestone to "put these issues behind us."

Title insurers are lobbying Congress eliminate alternatives to their products, writes the founder of iTitleTransfer.