Banking

New York Community Bancorp in Westbury and Astoria Financial in Lake Success, N.Y., have terminated their merger.

Citigroup's global head of retail banking and mortgages, Jonathan Larsen, who has been known as an advocate of digital banking, resigned for personal reasons, the lender said.

While depository mortgage lenders should exercise some caution before welcoming trended data and alternative credit scoring into their process, they must become inclusive or face losing market share to newer industry players like SoFi.

Fewer delinquencies are expected to accompany higher debt levels in 2017, TransUnion predicted.

The surge in mortgage rates since the November election is expected to offset the increase to lenders' short-term funding costs following the Federal Open Markets Committee's 25-basis-point increase to the federal funds rate.

Credit Suisse Group must face New York Attorney General Eric Schneiderman's $10 billion lawsuit accusing the bank of fraud in the sale of mortgage-backed securities prior to the 2008 financial crisis, a state appeals court ruled Tuesday in a split decision.

Southern National Bancorp of Virginia in McLean has agreed to buy Eastern Virginia Bankshares in Glen Allen.

Of the five banks that failed their living will tests earlier this year and were forced to resubmit plans, only Wells Fargo failed again, resulting in immediate regulatory action that will restrict its growth, including its ability to expand internationally and buy nonbank subsidiaries.

Fairway Independent Mortgage Corp. is rolling out a new mobile application that allows consumers to apply for a loan, scan documents and get updates on their loan status through real-time push notifications.

A group of traders in JPMorgan's investment bank has expanded from selling commercial mortgage-backed securities to underwriting loans that are unsuitable for bonds, such as those for big construction projects.

Ally Financial is now making home loans.

The Mortgage Industry Standards Maintenance Organization is proposing a standard for the maintenance and sharing of commercial and multifamily real estate rent-roll information.

A flood of fintech companies are promising to create a better experience for mortgage borrowers, forcing lenders to contemplate buying a vendor's software, building applications in-house — or even outright acquiring a company with digital expertise.

A California bank is planning to add mortgages and home equity lines to its product set.

SAN FRANCISCO — Want to improve the customer experience? Start by making the employees' tools better.

Digital mortgages are not an idea for the future; they are here to stay, and the mortgage industry must put aside its misplaced fear of technology and change and embrace them.

Banking and credit union trade groups are urging Congress to consider repealing any upcoming Consumer Financial Protection Bureau rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act.

Construction loans are a big source of interest income for community banks but also carry a lot of risk. A few fintech firms say their platforms can reduce the risk and improve the lending process.

Employment in the nondepository mortgage lenders and brokers sector grew for the fifth straight month, according to the Bureau of Labor of Statistics.

The multifamily construction boom may finally be coming to an end as leasing of new units has slowed and lenders are becoming more cautious.