Banking

Carrington Mortgage Services' decision to offer subprime mortgage loans was a natural progression from its decision four years ago to concentrate on borrowers with credit scores under 640.

The Treasury's recommendations come as federal bank regulators have indicated they will soon release a proposal to reform Community Reinvestment Act policy.

The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semiannual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.

Some fear that the removal of such data from individual credit reports could lead lenders to believe a consumer is a better bet than they really are.

As part of a larger regulatory relief effort, regulators have raised the dollar-amount threshold for commercial real estate transactions that require a formal appraisal.

Acting Consumer Financial Protection Bureau Director Mick Mulvaney proposed dramatic curbs to his agency's power in a report Monday, including a recommendation that all CFPB rules must be approved by Congress.

Banks that scored high in customer-satisfaction ratings did so for their front-line service, not their tech capabilities, a study finds.

The annual progress report on the Fannie Mae and Freddie Mac conservatorships reiterated that a new credit score model will likely not be operational until after the implementation of a new Single Security Initiative.

A majority of midsize and large banks complain that red tape is mounting and that they are passing on higher regulatory costs to customers and have less flexibility in designing products, according to a new survey by the RMA.

One purpose of the Senate bill was for small banks to rein in skyrocketing costs, but some bankers question whether the changes will save them money, and adapting to the reforms may even increase spending.

Lenda, launched in 2014, currently makes mortgages start to finish in two weeks. But it's aiming to make it a process that can be finished on a borrower's lunch break.

The biggest legacy of the current regulatory relief effort may be the increasing focus on whether organizing banks in supervisory buckets by asset size makes sense. Yet the bill deals with just one of the two big asset thresholds in the law.

Governments are studying ways blockchain can safeguard property records and simplify how they get tracked.

As tight housing inventory continues challenging prospective borrowers, Newfi Lending has launched a new portfolio lending platform in an effort to make homeownership more attainable.

A bill to allow captive insurance companies to be reinstated as members of the Federal Home Loan Bank System appears to be dividing the FHLB community.

In the joint report with the Federal Trade Commission on debt collection practices, the CFPB said it had initiated four enforcement actions last year, had resolved one case and has five others pending.

Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.

The lender acquired Esperanza Mansion, the hotel, restaurant, and wedding venue overlooking Keuka Lake, N.Y., that closed its doors in 2016, after no bids were received at a foreclosure auction on March 7.

First the House and now the Senate have included provisions in their regulatory relief bills that bankers say would go a long way toward clearing up confusion over how to treat high-volatility commercial real estate loans.

BankFirst Financial Services in Columbus, Miss., has acquired HomeFirst, a mortgage services firm.