Banking

Freedom Credit Union has listed for sale the three downtown Springfield, Mass., office buildings it took back in November in a mortgage foreclosure.

Susan Riel succeeded Ronald Paul as CEO of the Maryland bank shortly before questions surfaced about credit quality and lending practices.

Tom Lopp abruptly suspended a program that accounted for 83% of Sterling Bancorp's mortgage production this year. An ongoing audit of the program and pressure to diversify beyond mortgages are reasons to watch Lopp and Sterling in 2020.

The Consumer Financial Protection Bureau faces a busy policy agenda heading into the new year, as well as strong external forces that are beyond its control.

The board- and management-level handing of CRE concentration was the chief concern of FDIC examiners, making up more than 56% of all the supervisory recommendations regulators made in the two-year period.

The owner of the MacArthur Center Mall in Norfolk, Va., has defaulted on a $750 million loan which includes the property as collateral.

First mortgage volumes continue to rise at credit unions, but home equity lines of credit have fallen dramatically in recent years.

Downtown San Jose, which has been overshadowed by its Bay Area neighbors, is having a real estate development boom because it qualifies as an opportunity zone

HomeTrust Bancshares in Asheville, N.C., sold a portfolio of residential mortgages as part of a balance sheet restructuring, with plans to sell more.

The proposed changes laid out by banking regulators would clear up confusion about what qualifies for CRA credit within so-called Opportunity Zones. But not all community development advocates are convinced that the changes are for the better.

The city of Philadelphia and Wells Fargo have agreed to resolve a 2017 lawsuit in which the city accused the bank of violating the Fair Housing Act by steering minority borrowers into risky, high-cost loans.

Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting homeownership for low- and moderate-income residents.

The percentage of home loans with late payments is unlikely to fall much further in 2020 when mortgages made to lower credit-score borrowers could rise slightly, according to TransUnion.

The company will hold off on making loans under the Advantage Loan program as it conducts an audit and implements new policies and procedures.

Most commercial and multifamily loan delinquency rates remained near record lows in the third quarter extending a long run of declines in the securitized market, according to the Mortgage Bankers Association.

The percentage of farm lenders losing money hit a six-year high in the third quarter, according to the FDIC.

Yale researchers have recommended several consumer banking products and services that could help those with mental health challenges manage their money.

David Becker, who founded First Internet Bank two decades ago, says traditional banks' digital-only ventures are only making his bank look more mainstream.

Lenders contend the proposal goes beyond policing third-party debt collectors and could expose banks to enforcement actions and lawsuits.

The nonbank share of large mortgage servicing is growing, but smaller players tend to be depositories, the Consumer Financial Protection Bureau found in a new report aimed at examining regulatory impacts.