Banking

The Tennessee bank said it has bought Professional Mortgage in Greenville, S.C., which services about $1.1 billion of commercial mortgage loans for 23 correspondent life company lenders.

The Tupelo, Miss., company has recouped its “satisfactory” community reinvestment rating, removing a regulatory obstacle to two pending acquisitions.

Quicken Loans Mortgage Services and Calyx Software developed a version of the Point loan origination system that's preconfigured with tools for small mortgage firms to work with the Detroit lender's TPO division.

A 38% increase in new loan originations led to another quarter of record earnings.

Demand for commercial loans has been weak for much of the past year and among the big questions bank executives will face this earnings season is when they can expect the pace to finally pick up.

CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses.

Mortgage delinquencies in cities where the economy is dependent upon the oil industry are on the upswing, even as nationwide default rates remain near 10-year lows, CoreLogic said.

The sale of the struggling Financial Freedom unit to an undisclosed buyer would continue CIT's strategy of shedding noncore business lines.

Four neighborhoods hit hardest by Hurricane Harvey have limited resources and are in most need of federal, state and local assistance for property repair and rehabilitation costs.

A change in the formula that banks use to calculate borrowers’ debt-to-income ratios, announced by Fannie Mae in April, appears to be spurring more lending.