Banking

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

The company is facing criticism after a big chargeoff on two properties, showing that investors have little patience when a risky business model shows signs of distress.

New York developer Silverstein Properties Inc. built a $4 billion pipeline of real estate deals just weeks after starting. None of the money was for buildings it will own.

The Providence, R.I., company reported a 27% gain in profits thanks partly to a boost in fee income from its purchase of Franklin American Mortgage in August.

The Portland, Ore, company also benefited from lower expenses and an improved efficiency ratio.

Proposition 10 would give local jurisdictions a freer hand to restrict rents, but critics say that would lead to property devaluations. Some see an effect regardless of whether the measure passes.

Millennials are targeting homeownership within the next few years, but many are buying into certain house-purchasing myths, according to Bank of America.

The Office of the Comptroller of the Currency lowered the $14 billion-asset thrift in Cleveland to “needs to improve” from "satisfactory."

August's share of conventional mortgages closed by millennials reached a three-year high as lenders added products to meet their lifestyle, Ellie Mae said.

Bank of America is taking what consumers are accustomed to on the banking side and applying that to its lending division to offer a consistent digital experience, says John Schleck, the bank’s senior vice president.

The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections."

First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.

After a run-up in the latter half of last year, delinquencies on mortgages sold to Fannie Mae and Freddie Mac look fairly stable for the time being.

The House of Representatives passed two bills that would tie appraisal waivers for Small Business Administration loans to bank rules for commercial real estate loans, despite objections from the Appraisal Institute about its members being cut out of transactions.

When it comes to attracting millennials, mortgages could be the key to capturing this demographic for the long haul – provided CUs are willing to put in the work.

The senator’s bill to reform the 40-year-old law and expand housing investments could gain clout as Democrats look to pick up congressional seats and she eyes a presidential run.

The cuts are part of a broader effort to trim expenses by roughly $3 billion a year by 2020.

A new financial technology company called Scratch is planning to use a new web-based platform along with an alternative pricing model to compete with companies that service mortgages and other consumer loans.

The changes mandated by the recent regulatory relief law would narrow the definition of "high-volatility commercial real estate" exposures that get a higher risk weight.

Commercial mortgage-backed securities delinquency rates are likely to continue to decrease for the rest of the year, as new issuances outpace maturing loans and precrisis loans continued to get resolved by special servicers, Fitch Ratings said.