Subject Root Tag

The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.

Federal Reserve Board Gov. Lisa Cook said artificial intelligence holds great promise for the economy, but stressed the importance of human choice in decision making, both financial and otherwise.

Thomas Nides, a former U.S. ambassador to Israel and longtime Morgan Stanley executive, will take over the megabank's public affairs division as its work to fix regulatory concerns continues. He succeeds Bill Daley, the former chief of staff to President Barack Obama, who recently announced his retirement from Wells.

More than one securitization per month resulting from multiple disbursements of a single loan will be permitted beginning Oct. 1, the guarantor said.

The announcement came after several major insurer said they would stop issuing new homeowner policies or renewing existing ones because California's current rules made it too costly to cover homes.

While industry economics are getting better, higher rates in a purchase-focused environment can contribute to an increase in manufacturing errors.

The threat of instability from that group is immaterial in comparison to the existential risk created by the U.S. Treasury, argues the chairman of Whalen Global Advisors.

Since 2019, distressed loans have increased 77%, but it is just a small portion of the $691 billion currently outstanding.

The Consumer Financial Protection Bureau proposed major changes to the Fair Credit Reporting Act, including eliminating all medical debt from credit reports. But banks and financial firms said the plan would upend 50 years of how courts have interpreted the law.

The agreement between The Work Number business unit and Iris Software Group could ease employment and income verification for up to 1 million consumers, the credit-reporting agency said.

The proposal by a regulator overseeing government-related loan buyers could cut companies with small infractions off from a key source of business, groups say.

The Federal Reserve's rate hikes so far are just "catching up," the JPMorgan chairman and CEO says. Dimon predicts inflation will be at 4% early next year and "won't be coming down for a whole bunch of reasons."

The morning after, the benchmark 10-year Treasury yield touched a 52-week high, but Freddie Mac reported a 1 basis point jump.

Kareem Saleh, CEO of "fairness-as-a-service" company FairPlay AI, walks us through key steps that must be taken to ensure automated decisioning models stay on track.

Contract closings decreased 0.7% from a month earlier to a 4.04 million annualized pace, National Association of Realtors data showed Thursday.

Doug Duncan explains why different players in the market have such contradictory takes on the real estate market right now and how to reconcile their varying outlooks.

Fewer of these mortgages are paying off, adding to the amount of credit on investors' books, the Mortgage Bankers Association said.

Federal Reserve Chair Jerome Powell said today's high mortgage rates are dissuading some would-be sellers from putting their homes on the market, further limiting lending opportunities in an environment already constrained by low inventory

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Wednesday he wants to see tailored enhanced prudential standards and increased reporting requirements for specific nonbank financial institutions like open-ended mutual funds, hedge funds, and nonbank lenders, citing their potential systemic risks and the need for improved oversight.

Lenders are brushing up on ways to minimize losses associated with the increasing costs to fund mortgage pipelines.