Companies that lack artificial intelligence governance may spend hundreds of thousands of dollars more in responding to cyberattacks, IBM found.

Even with a disappointing Spring home sales season, Rocket had higher purchase volume each month, and based on approval letters, expects a strong third quarter.

The New Jersey-based mortgage lender said it purchased Florida Funding, which has originated nearly $600 million in loans since it was founded in 2017.

The 30-year fixed rate stayed within a narrow range throughout most of July, with forecasts likely to leave the housing market "stuck," said one economist.

One mortgage firm is out of business months after a cybersecurity incident, which compromised the personal information of over 30,000 of its former clients.

In leaving its partnership, Beeline Financial said it disposed of its majority stake in Bridgetown Spirits Corp. in exchange for over $360,000.

Rithm Capital said it is focused on optimizing Newrez's potential to support the full business, pointing to opportunities in servicing and non-agency lending.

Mortgage profits improved on both a quarterly and annual basis, but leaders said low housing affordability and industry competition remain obstacles to growth.

The sale of SIMPL marked a natural evolution of the software platform that will allow it to reach its full potential, one of its developers said.

A "large institutional investor" will provide funding to assist Rithm in acquiring as much as $1.5 billion worth of residential transition loans.

The company has agreed to sell the MSRs on Aug. 1. Its merger with Mechanics Bank is set to close during the third quarter of this year.

The merger of the firm's lending arm and Figure Markets is a reaction to a thawing regulatory environment.

The Indiana loan officer was previously sued by Ruoff Mortgage for fraudulent originations it estimated would cost the company over $1 million to repurchase.

A Wells Fargo customer was surprised to receive a "cryptic notice" and a cashier's check from the firm compensating him for float fees charged more than a decade ago. A lawsuit followed.

A spike in the bank's noninterest income powered its better-than-expected net income and revenue in the second quarter.

The VA Home Loan Program Reform Act arrives after the expiration of a previous foreclosure-prevention program sent foreclosure numbers spiking this spring.

The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.

The Office of the Comptroller of Currency said it will no longer include examinations for disparate impact liability but will still perform fair lending risk assessments on a regular basis.

Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.

Synergy One Lending's CEO, Steve Majerus, is warning recruiters that if they do not stop spreading lies about his firm, the mortgage lender will take action