Financial institutions

The gap between Black and white homeownership rates is extremely wide in some areas, and it could get worse if the industry fails to proactively address local and national inequities.

Some observers said the central bank should have suspended dividends entirely in response to an unprecedented economic emergency caused by the pandemic. Others said its more cautious moves were appropriate because big banks' capital is strong and the economy could bounce back.

Nonbank servicers have been seeking more sources of cash since the coronavirus disrupted markets and elevated forbearance rates. These are some strategies they may be able to use.

In the most sweeping capital distribution order since the financial crisis, the Federal Reserve says it will prohibit big banks from buying back their stock in the third quarter and limit dividend payments to second-quarter levels.

The government-sponsored enterprises had been considering tightening counterparty requirements for nonbanks, but in light of COVID-19's spread, they've reconsidered that.

The Mortgage Bankers Association points to better lender diversity and a stronger housing finance network as reasons for its support.

Nonbank mortgage hiring inched down when overall employment plunged in April. The subsequent recovery in overall jobs suggests the housing-finance industry is still bearing up well despite coronavirus-related strain.

Independent mortgage banks started 2020 strong after three quarters of high profits, according to the Mortgage Bankers Association.

Embrace will originate and close home loans in its own name for clients of the wealth management firm.

The sale completes First Choice affiliate Berkshire Hills Bancorp's exit from the mortgage origination business.