Financial institutions

Duke, currently vice chairman, was rumored to be a likely contender for the chairman spot last week.

Critics of recent False Claims Act enforcement argue the Justice Department is too heavy-handed toward lenders and servicers. But in an industry reputed for shoddy processes during the crisis, perhaps stringent oversight is warranted.

PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on government-insured mortgages and loans sold to Fannie Mae and Freddie Mac.

The year opened with hopes that regulatory and enforcement pressures would abate for the mortgage industry. The reality has turned out quite differently.

The nonbank mortgage sector had its largest one-month employment gain in a year, as independent mortgage bankers and brokers enjoyed stronger-than-expected originations during the second quarter.

Banks pay their loan officers less than independent mortgage bankers do, but the level of sales support provided negates the difference, a study from Stratmor Group said.

Valley National's latest acquisition would make it a much bigger player in Florida and provide a platform to write more auto loans. Both markets present attractive returns but high risks.

Increased dealings in direct consumer lending and guaranteed student loans offset a decline in mortgage-related income. A lower loan-loss provision also helped the bottom line.

The Pittsburgh company, pleased with employee and client retention from its March purchase of Yadkin Financial, is looking to hire lenders from other institutions.

Former Ginnie Mae President Ted Tozer is joining the board of directors at PennyMac Financial Services starting Aug. 1.

The Georgia company made more loans and controlled costs. As a result, it had a 1% return on assets and an efficiency ratio below 60%.

Expenses also rose, as well as the provision for loan losses, but credit quality remained spotless at the lender to the wealthy.

It's not only regulation that is hurting profitability, but also banks' failure to adapt to the internet age, according to a recent study.

Employment among nonbank lenders and mortgage brokers grew in May, marking the third straight month of employment gains at a time when housing inventory is tight, refinancing has slowed and home prices are rising.

From the largest banks to the smallest independents, policymakers want to hear the mortgage industry speak with one voice in the critical efforts to reform the government-sponsored enterprises.

Seeking to stay below $50 billion, the regional is selling its origination and servicing businesses.

Managing portfolios for an influx of servicing rights investors helps mortgage companies augment revenue and keep rising costs and compliance risks in check.

Senate Banking Committee Chairman Mike Crapo sounded optimistic Thursday about reaching a bipartisan deal for regulatory relief, but a hearing once again emphasized the gulf between what lawmakers are likely to pass and what the industry is seeking.

New entrants in mortgage servicing are rethinking how business is done, creating more division between holders of mortgage servicing rights and the entities that actually manage loans.

A report quietly released by the Treasury Department says there is “clear evidence” that a program President Trump wants to cut helps recipients provide financial services to the most underserved communities.