Consumer direct

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.

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.

Walter Investment Management Corp. lost $101.8 million in the third quarter, driven by goodwill and intangible asset impairment charges of $60.8 million and noncash charges of $17 million.

A new refinance mortgage offered by SoFi and Fannie Mae lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.

Can some of the top names in mortgage lending outdo online lending startups in head-to-head competition? We're about to find out. Wells Fargo, Quicken Loans and SunTrust have all entered the digital lending business, putting early entrants on the defensive.

Greg Carmichael, who has been on the job nearly a year as Fifth Third's CEO, has started putting his stamp on the company by aggressively trimming branches in favor of mobile, seeking to build up its consumer credit business and retooling the balance sheet.

Bank of America is expanding a program that provides 3% down payment home loans through a partnership with Freddie Mac and a North Carolina credit union.

David Schneider, who became Ditech Financial's president in February, is no longer with the lender as parent company Walter Investment Management streamlines leadership under its new CEO, Anthony Renzi.

Bank of America has ended its agreement with PHH Corp. that saw the Mount Laurel, N.J.-based company perform private-label originations for Merrill Lynch.

Impac Mortgage Holdings has released the pricing of an upcoming follow-on stock offering.

Washington Federal in Seattle has added the general manager of mortgages at Zillow Group to its board.

Home equity line of credit originations are in the midst of a comeback, fueled by the rise in home prices, according to a white paper released by Experian.

First Community Mortgage is taking somewhat of an unusual approach with its latest branding campaign.

Clara, a new online mortgage lender, has launched with $27 million in equity financing.

Online lender LoanDepot has raised $150 million in term debt financing as part of its capital strategy.

Mortgage industry hiring and new job appointments for the week ending Aug. 12.

BOK Financial plans to exit the correspondent lending channel by the end of the year because of increased competition and low rates.

First Community Mortgage, a subsidiary of First Community Bank in Murfreesboro, Tenn., has started a consumer direct lending operation working out of a new office in Cleveland.

Berkshire Hills Bancorp in Pittsfield, Mass., has agreed to buy First Choice Bank in Lawrenceville, N.J.

So far, 2016 has brought legal battles, election woes and TRID-related headaches to the mortgage industry, among many other major issues.