Banking

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.

Mortgage lenders took on more risk in the second quarter as the share of loans to real estate investors and condominium owners increased, according to CoreLogic.

Stephen Sessler, the director of mortgage banking at the $4 billion-asset Camden National Bank, provides other lenders a peek at the benefits and pitfalls of digital mortgages.

Putting faith in its team of experts analyzing every loan application, the Arkansas bank is shrugging off warnings of a real estate downturn.

Rep. Patrick McHenry, R-N.C., plans to reintroduce legislation requiring the IRS to fast-track income verification, which proponents say could reduce the financial industry's dependence on credit bureaus.

The proposal is aimed at a simpler capital regime particularly for community banks, but some industry representatives and regulators themselves questioned whether the plan went far enough.

Ginnie Mae is giving expanded loan buyout authority to certain issuers in order to help them remove loans affected by Hurricanes Irma and Harvey from securitized mortgage pools.

Equifax observed an increasingly well-worn ritual of scandal-ridden firms by jettisoning CEO Richard Smith: apologize, promise to do better in the future, and sacrifice your top executive in the hopes it will ward off action by Congress and regulators.

Inevitably, Equifax’s CEO Richard Smith has left his post. For the credit bureau's sake, let's hope it has a long-term plan that's better than promoting from within.

In a business populated by extroverts, Diana Reid views herself as an introvert. The head of PNC Real Estate at PNC Financial Services Group says it's an attribute that she's made an asset as she looks to build consensus and drive business growth.

The share of lenders easing credit for government-sponsored enterprise-eligible loans is at a high not seen since Fannie Mae started a survey to track it.