Banking

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.

Forborne mortgages stemming from the coronavirus outbreak reached their lowest level since late March 2020, according to the Mortgage Bankers Association.

The expanded credit access in its automated mortgage decisioning goes into effect in mid September.

Total investment property lending this year should be 31% above 2020's pandemic-affected activity.

Landlord groups have challenged the policy, arguing that the administration bowed to political pressure even though it knew the eviction freeze wouldn’t pass muster with the courts.

Late payments on office loans have trended upward recently, but longer lease periods may mitigate the potential for distress in that sector, the Mortgage Bankers Association said.

The numbers in a new Research Institute for Housing America report reinforce other signs that recovery isn’t moving quite as quickly as originally anticipated.

The bank saw a modest increase in net income from the first quarter, as lawsuit settlements tied to the company’s discontinued home lending business and fees regarding an anti-money laundering and securities class action suit continue to limit growth.

The industry had tightened up last year in the face of COVID-19. But as the economic outlook improves, banks are now easing criteria amid heightened competition, according to the Federal Reserve’s survey of loan officers.

The bureau said two rules related to communications with debtors will go into effect as originally planned on Nov. 30. The agency had previously proposed an extension to consider consumer advocates' concerns about the regulations.