Consumer lending

Michael DeVito, who was named Wells Fargo's interim head of home lending after the bank fired consumer lending head Franklin Codel, is now officially leading the residential mortgage unit.

Social Finance has acquired the engineering and product teams of mortgage startup Clara Lending, bolstering the financial technology company's offerings beyond student-loan refinancing, according to people familiar with the matter.

The Oregon company's commercial and consumer lending grew even though fee income declined sharply.

Loans late by 90 days or more are increasingly concentrated in parts of Florida, Georgia and southeast Texas as fallout from the storms continues to weigh on the market.

The Honolulu bank reported strong loan growth in the fourth quarter, but one-time charges related to the new tax law suppressed its profit.

Default rates in second mortgages and bank cards rose notably in December, suggesting consumers are having trouble managing increased spending.

The New York bank has begun marketing Marcus loans as a way to pay for home improvements, while also raising the maximum loan size to $40,000.

The weighted average FICO credit scores of securitized reperforming loans are deteriorating a little, according to a DBRS study of the bonds.

Weak loan growth, a $3.25 billion litigation accrual and other costs tied to the phony-accounts saga all added up to a messy fourth quarter for the San Francisco bank.

Fannie Mae's serious delinquency rate climbed to a high not seen since March 2017, but remained lower than it was 12 months prior.