Banking

The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history.

As an improving job market aided financial stability for borrowers, 2020 ended with drops in delinquent home loans, a CoreLogic report found.

The product being tested would join another on the market from Finicity, which is nearing the final stage of approval for use by Fannie Mae and Freddie Mac.

Already contending with stressed retail, hotel and restaurant loans, bankers are beginning to view office lending — historically a safe bet — as increasingly risky as companies of all types rethink their space needs.

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.

Servicers could be dealing with approximately 1.8 million distressed properties when the latest forbearance extension ends in June, Black Knight said.

Acting Director Dave Uejio said Tuesday that the Consumer Financial Protection Bureau will push back implementation of the qualified mortgage rule and may amend or revoke other Trump-era rules that have yet to take effect.

Independent mortgage banker recovery drove the weekly decrease in forbearance share, according to the Mortgage Bankers Association.

Moratorium extensions helped drive a weekly increase in forbearances, according to Black Knight.

The Madison, Wis.-based credit union will donate $1.5 million to a pair of United Way chapters in the region which will help distribute the funds to organizations serving communities of color.

Acquiring AmeriHome would provide the fee revenue the Phoenix company seeks to compensate for low interest rates and tepid commercial loan demand. The deal also would allow it to reinvest billions of dollars of excess liquidity.

The operating environment is dramatically different than it was pre-pandemic and presents all-new challenges for financial institutions. Tried-and-true strategies that led to high performance for many years are no longer going to be successful. Join Bonnie McGeer, Executive Editor of American Banker, and Claude Hanley, Partner at Capital Performance Group, as they highlight important trends and comb through data from top-performing banks across the country for insights that will help regional and community financial institutions thrive in 2021. Executives will learn what metrics will be most critical to focus on to maintain high performance going forward.

Origination volume hit a record high in 2020 as more borrowers tapped the equity in their homes and investors and second-home purchasers flocked to the market at levels unseen since before the Great Recession.

While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.

Like so many other businesses, Credit Karma was not spared by the pandemic and its rippling effects on the economy. Their business was prone to the same macro conditions, particularly the tightening of lending standards and credit limits. Join Paul Centopani, National Mortgage News' reporter and Andy Taylor, Credit Karma's General Manager of Home & Mortgage as they discuss how FinTechs can pivot to adapt to the new normal.

The Federal Housing Finance Agency's recent allowance of a 3-month extension of CARES Act forbearances stands to upend the trend in plan exits.

Gains in consumer financial stability helped to decrease the rates of distressed home loans, but job creation is needed to make recovery sustainable, a CoreLogic report found.

Home loans accounted for the bulk of the industry’s lending gains in 2020, but inventory shortages in some markets and an uneven economic recovery may dim prospects this year.

First Foundation is relocating its corporate headquarters to Dallas, where the tax burden is lighter and it sees more opportunity to beef up lending, add wealth management clients and pursue acquisitions of community banks.