Financial institutions

Nonbank and bank mortgage employment has leveled off in line with typical seasonal trends, but some lenders remain more interested in hiring than is usually the case late in the year.

Shares in the lender fell after it reported lower third-quarter profits, said nonperforming assets rose and cautioned that it had lost multifamily loan deals to competitors offering easier terms.

Concerns over banks’ level of preparation have led to worries about disruptions in the lending market, and some financial institutions warn that a new interest rate benchmark could cause lenders to pull back on credit.

Count Citizens Financial’s Bruce Van Saun among those who think interest rate cuts could halt by mid-2020. The key, he says, is to focus on delivering services customers are willing to pay fees for and to skillfully reprice deposits until then.

The Minneapolis company attributed the uptick to new tech tools, additional loan officers and other process improvements — not to mention the refi boom fueled by lower rates. It’s a formula other banks are expected to copy.

Executives sent a letter to the federal banking regulators last month expressing concern that an alternative to the London interbank offered rate could limit credit availability.

The Minneapolis bank says recent investments in its retail operation contributed to strong improvement in home lending and mortgage banking fees.

NewDay USA, a lender specializing in loans to veterans and military service members, is addressing rate-driven increases in refinancing by hiring more than 100 workers who are new to the business.

Employment estimates for nonbank mortgage companies rose to a 2019 high as lower rates spurred consumer demand in August, but higher rates in September could mean future numbers will be weaker.

Ginnie Mae's stress testing model was based on large issuers, and does not appear to adequately reflect important qualitative differences between larger and smaller issuers.

A mortgage company's dispute with Connecticut over what tasks a licensed loan officer needs to handle points to a potential compliance concern for direct and digital lenders seeking to maximize efficiencies.

The Federal Housing Finance Agency is ending a Freddie Mac pilot that posed a competitive threat to the private market for mortgage servicing rights financing.

Nonbank mortgage companies added 4,600 employees to their payrolls in July and may add more to address continuing rate-driven increases in loan volume.

The industry has taken some steps to lower barriers to affordable housing, but some observers say that more can be done.

Syracuse Securities Inc., a family-run lender and servicer in New York, is planning to wind down and transfer its outstanding pipeline to Premium Mortgage Corp.

Seeking to expand financial services access, tribal officials and some firms want regulators to award Community Reinvestment Act credit to any bank that funds projects in Native American communities.

Independent mortgage bankers reported their highest average profit per loan originated in almost three years, benefiting from a large drop in production expenses, the Mortgage Bankers Association said.

The bank started buying more Treasurys and mortgage-backeds over a year ago, long before talk about rate cuts. What did it know that its rivals didn't?

Ginnie Mae followed through with plans to look more closely at secured debt ratios in its latest round of new and revised issuer requirements.

Wide short-term swings in interest rates — and loan prepayments — that we've all witnessed have serious secondary effects on consumers, lenders, investors and also policymakers.