Banking

Executives at small banks and credit unions told the Senate Banking Committee about horror stories of technical glitches, vendor delays and overworked appraisers, while expressing an interest in having more time to comply with new mortgage rules.

Nobody thought it would be pretty, but last quarter's results were even worse than expected, and low fee revenue is largely to blame. Trading and mortgage banking were particularly bad, and few of the big banks managed to offset the declines.

Flagstar Bancorp reported a third-quarter profit, as it originated more residential mortgages and recorded higher fee income.

Quicken Loans CEO Bill Emerson's term as chairman of the MBA underscores how the consumer-direct mortgage channel has grown from a quirky novelty to the force leading a technology revolution.

Consumer demand for apartments continued to rise in the third quarter, according to the National Multifamily Housing Council.

Astoria Financial, a New York City-area thrift under pressure from activist investor Basswood Capital Management to boost the share price, is exploring a sale, according to people familiar with the matter. The stock climbed as much as 6.2%.

NCUA said it has entered into an agreement under which investment bank Barclay's Capital will pay $325 million to resolve claims arising from losses related to the purchase of faulty residential mortgage-backed securities by corporate credit unions.

Should credit unions step into a giant breach gradually being vacated by the big banks, or is the bank pull-out a sign that CUs should do the same?

Average fixed mortgage rates perked up the week ending Oct. 15, but remained under the 4% level for the 12th consecutive week.

PNC Mortgage's chief executive and president Joseph C. Guyaux will retire in the spring of 2016, the Pittsburgh-based company announced Thursday. He will be replaced by treasurer and chief investment officer E. William Parsley III.

SunTrust Banks in Atlanta has promoted an executive to oversee its consumer banking and wealth management operations

Mortgage banking represented one weak spot in Wells Fargo's third-quarter results and company officials said that would likely be the case in the fourth quarter.

Bank of America originated $13.7 billion of first-mortgage loans and $3.1 billion of home equity loans during the third quarter, the company said in its quarterly earnings release.

LendingTree already offers a Yelp-like community where consumers can rate loan officers. Now it has created a question-and-answer forum within its loan officer directory platform.

Profit margins in JPMorgan Chase's mortgage banking unit were down in the third quarter, primarily due to the shift in the mix from refinance activity to home purchases, and from retail loan originations to correspondent lending.

LoanDepot in Irvine, Calif., seeks to raise up to $100 million in an initial public offering.

The inclusion of a loan secured by Chicago's Prudential Plaza in a recent CMBS is causing a stir.

Goldman Sachs is marketing $848.4 million of bonds backed by commercial mortgages.

NewCastle Home Loans Owner Ryan Kelley has branded himself as "The Home Loan Expert" and is willing to sit in a bathtub full of credit cards to prove it.

American Finance Trust, a commercial mortgage real estate investment trust, plans to securitize a $649.5 million loan that is secured by 268 single-tenant properties, according to Standard & Poor's.