Nonbank

Mortgage lenders have already begun to feel the burn of higher interest rates.

Banks are losing wealthier underbanked customers to alternative lenders — an undercurrent that is halting progress in expanding credit access for all.

Nondepository mortgage companies cut 1,500 full-time employees from their payrolls in January, ending 10 consecutive months of job growth.

Ocwen Financial Corp. reduced its net loss in the fourth quarter, a reflection of the company's efforts to reduce expenses.

The Consumer Financial Protection Bureau is set to face its first jury trial in April in what is shaping up to be a critical test of the agency's authority.

Nationstar Mortgage Holdings reported significantly higher net income for the fourth quarter, due to improved revenue in its servicing segment.

High origination volume and increased nonbank participation fueled another banner year for warehouse lenders, according to The Reynolds Group.

New Residential Investment Corp. had net income of $225 million in the fourth quarter, more than double the $103 million reported for the same period in 2015.

The new entity, called Guaranteed Rate Affinity, will primarily originate and market its services to Realogy's real estate brokerage and relocation subsidiaries.

PHH Corp. has struck a deal with LenderLive to sell its private-label mortgage operations in Jacksonville, Fla., to the Denver-based mortgage services provider.

Nonbank mortgage company Cornerstone Home Lending has launched a new mortgage company as a joint venture with homebuilder Oakwood Homes.

Quicken Loans has named a new CEO to replace Bill Emerson, who is transitioning to a role with the Detroit lender's parent company, Rock Holdings.

The Urban Institute's Housing Finance Policy Center has created a new initiative aimed at addressing skyrocketing mortgage servicing costs.

The Trump administration was set to release an executive order Friday calling for a review of the Dodd-Frank Act, but the immediate questions about the order focused on what authority the White House has to enact real change.

PennyMac Financial Services reported higher income, reflecting larger net gains on mortgage loans held for sale.

Companies whose financials have taken hits due to their holdings of mortgage servicing rights are in for a treat, according to Moody's Investors Service.

New Residential Investment Corp. has priced the public offering of more than 49.2 million shares of its stock that it plans to use to pay for its purchase of mortgage servicing rights from CitiMortgage.

Citigroup's decision to exit mortgage servicing by the end of 2018 is part of a long-term strategy to increase returns and sharpen the bank's focus on its core retail customers.

CIT Group's exit from its commercial air and reverse-mortgage-servicing businesses cost it heavily in the fourth quarter.

Citigroup's plans to sell a $97 billion mortgage servicing portfolio and subservice its remaining accounts highlights the growing prevalence of nondepository servicers and raises questions about how much capacity exists for these institutions to absorb more large deals.