The average top tier 30yr fixed rate was unchanged on Friday despite the bond market being slightly weaker. Normally, weaker bonds mean higher rates, but the timing of intraday market movement matters. In today’s case, bonds are still much stronger than the first half of yesterday, and only weaker when compared to closing levels. Because […]
Rates Hold Steady Just Above 3 Year Lows Read More »
In this week’s banking news roundup: Flagstar’s shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more.
Flagstar’s shareholders approve plan to dissolve holding company Read More »
Cornerstone Capital Bancorp, a one-time independent mortgage banker that acquired a depository, has agreed to purchase another bank, Peoples Bancorp of Lubbock, Texas. Terms of the transaction were not disclosed. “With one of the strongest capital positions in our markets and a deep base of low-cost core funding, we are well positioned for meaningful organic
Cornerstone Capital to acquire another Texas bank Read More »
A Southern California mortgage brokerage has reached a settlement with four states over claims of wrongdoing that included several allegations of unlicensed lending activity. E Mortgage Capital, based in Irvine, California, agreed to settle with banking supervisors of Hawaii, Idaho, Oregon and Texas in late September following a multistate investigation that began in late 2023.
California broker fined for unlicensed activity Read More »
Applications for new-home purchase mortgages ran ahead of last year’s pace in September, but various factors have the leading industry trade group preparing for a near-term slowdown. Purchase applications for new single-family properties increased 2% on a year-over-year basis last month, picking up some momentum after August’s flatter 1% rise, according to the Mortgage Bankers
New-home loan growth slows as builders anticipate a slowdown Read More »
Several developments involving companies active in the industry’s secondary and capital market emerged this week. AI-driven pricing data provider buys MBS specialist Solve, a provider of pre-trade data and predictive pricing that has long used artificial intelligence to aggregate and analyze information, announced Thursday that it has purchased a company with similar but deeper capabilities
Tech developments in the mortgage capital markets heat up Read More »
Consumers who opt to purchase a home in January, one of the months with the lowest share of sales, could save over $23,000 on their buy versus May, one of the busiest, a LendingTree study found. In 2024, January had the lowest share of sales at 6.3%, while May had the most at 9.9%; although
When is the best time to buy a home? January. Here’s why Read More »
Every day my family rents to people who pay their rent on time, balance their budget and save responsibly. Yet when the time comes for them to buy a home, the traditional credit system does not recognize their financial discipline. According to the 2023 National Association of Realtors report, 65% of Millennials and Generation Z
Why renters deserve a fair credit score Read More »
Another ex-loan originator in a reverse mortgage scheme that cost elderly African-American Chicago-area homeowners millions of dollars is going to prison. Gary Bohn, 59, was sentenced Wednesday to 1-and-a-half years in prison for his role in the wider fraud, according to Law360 which reported the sentencing. The former Illinois-based LO with American Fidelity Financial Services
Ex-LO sentenced in Chicago-area reverse mortgage scheme Read More »
Key insight: Fifth Third’s massive credit blow tied to the allegedly fraudulent Tricolor Holdings bankruptcy “didn’t end up costing them that much,” an analyst said. What’s at stake: The company said last week it would acquire Comerica Bank, in what has been the largest bank deal announcement of 2025. Supporting data: The KBW Regional Banking
Fifth Third’s earnings fall in line amid credit hits and M&A Read More »