Marketplace Lender Offering Bridge Loans
A fast-growing company that claims to be the biggest marketplace lender in the mortgage space has announced plans to acquire more than $1 billion in bridge loans.
1st Bank Failure in 5 Months
A 116-year-old Kansas bank that survived two world wars and the Great Depression was the first federally insured bank to fail in the last five months.
Mortgage Business Expands at First Republic Bank
Single-family lending activity was stronger than a year ago at First Republic Bank. The residential servicing and asset portfolios both continued to expand.
PNC's Mortgage Income, Lending Off From Year Ago
While The PNC Financial Services Group Inc.'s mortgage earnings and originations weakened from a year earlier, third-party mortgage servicing has grown during the period.
Ocwen Unit Among Recent 3rd-Party Lenders to Close
Among three third-party mortgage originators that are closing is an Ocwen Financial Corp. unit. Multiple credit unions failed over this past summer.
Wells' Mortgage Income Worse, Originations to Drop
Mortgage earnings deteriorated at Wells Fargo & Co. While there was a modest quarter-over-quarter rise in home lending, current-quarter activity is likely down. Nonconforming assets grew.
BofA Mortgage Swings to Loss as Origination Drop
Bank of America Corp.'s mortgage business contracted as repurchases and mortgage-servicing rights valuations drove mortgage earnings into the red.
Citi Mortgage Earnings, Lending Down From Year Ago
While company-wide earnings improved at Citigroup Inc., mortgage earnings deteriorated from a year ago. It was a similar story for home-lending activity, as the company continued to reduce its third-party servicing portfolio.
Chase Ascends to Biggest Bank as Branches Cut
Third-party mortgage servicing has been reduced 19 quarters in a row at JPMorgan Chase & Co., which now claims to be the biggest bank in spite of cutting branch count 13 consecutive quarters. Employee count has increased each of the past seven quarters, as earnings and residential loan originations were strong.
Criminal Charges Dropped Against Bank But Not Execs
Criminal charges against a bank that took money from the Troubled Asset Relief Program have been dropped. But former executives still stand accused.