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.

While disappointed with the CFPB's actions in recent years, bankers said they want to see a campaign platform before making a decision on the agency's director.

At 1.56%, the delinquency rate on consumer loans remains well below historic averages, the American Bankers Association said Thursday.

Congress may soon try to limit the personal identifiable information that companies and the government can collect on consumers based on their reaction to the massive data breach at Equifax.

The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half-year period and to refund any who believe they should not have been charged.

Richard Smith came to Capitol Hill this week to speak about the massive breach at Equifax, but it was clear Tuesday that he will be defending the entire credit reporting industry.

CMG Financial is trying out a platform that gives borrowers the ability to raise funds for down payments in conjunction with Fannie Mae loans.

The Seattle company, which has cut about 130 positions in the business in recent months, pointed to lower originations tied to a shortage of new and resale housing.

Competition in other areas of consumer lending has driven both VantageScore and FICO to build credit scoring models that are more accurate and more consumer-friendly. Permitting that competition in the mortgage market can increase certainty for lenders and transparency for investors.

Ocwen Financial reached a settlement with 10 states under which it can't acquire servicing rights for eight months but will not face any financial penalties.

Tim Welsh has spent his first two months on the job thinking about how to make U.S. Bank as central to consumers’ lives as Amazon, develop new personal financial management services, and expand into new cities.