Banking

New York City's affordable housing stock will get a boost from Bank of America Corp. and Citigroup Inc. as part of settlements resolving mortgage-bond practices that led to the 2008 financial crisis.

Shashank Shekhar, CEO of Arcus Lending in San Jose, Calif., uses a strong presence online to attract tech-savvy clients.

Farmers Bank & Trust in Great Bend, Kan., has agreed to sell certain assets of its mortgage division to Prospect Mortgage in Sherman Oaks, Calif.

The U.S. Department of Agriculture's Rural Housing Service is raising the cost of its home-loan guarantees that enable borrowers to purchase homes in certain areas without down payments.

Life insurance companies reported a higher return on their private commercial mortgage investments in the first quarter, compared to the fourth quarter.

Westcor Land Title Insurance in Maitland, Fla., has opened its first New York office as it looks to expand in the market for commercial underwriting.

Jeff McGuiness has exited the CEO position at Lenders One to become the chief sales officer for Embrace Home Loans.

Bankers and commercial real estate developers are protesting new restrictions on construction lending, arguing they are poised to hurt credit availability and drive loans into risky, unregulated sectors.

Chris Schoenthal of HomeBridge Financial Services found a creative use for pickle jars in his quest to drum up new business.

Velocity Commercial Capital, better known for lending on distressed commercial property, is behind the latest securitization of single-family rental properties, according to Kroll Bond Rating Agency.

Flagstar Bancorp in Troy, Mich., has hired industry veteran Leonard Israel to lead its mortgage division.

Wells Fargo has hired two executives to expand its lending for manufactured housing, following the San Francisco company's purchase of a multibillion-dollar loan portfolio from GE Capital.

Nonbank lender HomeBridge Financial Services has lifted the curtain on a new mortgage platform aimed at community banks and credit unions.

Varde Partners has closed a $500 million fund that will invest in real estate securities, the firm announced this week.

InHouse Connexions has released a new software product for commercial lenders and appraisers for valuing properties.

Wells Fargo has hired a new head of commercial real estate lending for its Orange County, Calif., office.

Deutsche Bank priced most tranches issued from its $1 billion commercial mortgage securitization wider than the last conduit issued, according to a regulatory filing.

Commercial and multifamily mortgage debt increased in the first quarter compared to the previous quarter, as mortgage originations remained strong, according to the Mortgage Bankers Association.

RealtyMogul.com said it reached agreements for a total of $250 million in capital, which it will use to offer new products.

Opus Bank in Irvine, Calif., has named a new head of commercial real estate lending after its current leader resigned.