New Jersey’s Oceanfirst Bank is ceasing mortgage operations later this year, choosing to instead embark on a new nonbank partnership to serve its customers with home lending needs. The “strategic decision” will pair Oceanfirst with Embrace Home Loans, a deal that is set to begin in the fourth quarter this year, bank officials said. “The […]
Oceanfirst announces mortgage exit, partners with Embrace Read More »
Bloomberg News (Bloomberg) — At one midsized U.S. mortgage lender, almost a quarter of customers who dispute property appraisals find that the value of their home had been miscalculated. It’s an industrywide issue that has historically penalized minority groups, and now President Donald Trump has offered lenders the chance to ignore his predecessor’s attempts to make it easier
Mortgage lenders stick with Biden-era reappraisal guidance Read More »
Americans are increasingly worried about financial fraud, a new survey finds – even if many of them are willing to bend the rules themselves. In a new report from FICO, 32% of Americans ranked fraud protection as their most important consideration when choosing a financial account, with 71% putting it in their top three issues.
Consumers fearful of fraud, but willing to exaggerate income Read More »
UPDATE: This article includes comments made during Bank of America’s earnings call and comments from an analyst’s note. Bank of America may find opportunities to make small, non-bank acquisitions, but for now it plans to keep directing excess capital into organic growth, CEO Brian Moynihan said Wednesday. The $2.4 trillion-asset financial giant — which, like
Bank of America sticking to organic growth plan: CEO Read More »
In this week’s banking news roundup: Dr. Mark Calabria takes on additional role as U.S. chief statistician; retired Ally Bank executive Diane Morais joins First Citizens Bancshares’ board of directors; MainStreet Bank promotes Alex Vari to chief financial officer; and more.
Calabria’s added role in Trump admin, Morais joins First Citizens Read More »
Early- and mid-stage mortgage delinquencies saw the biggest yearly increases among all credit products, a development Vantagescore deemed a “surprise”, which “may be demonstrating early signs of borrower financial stress.” The share of mortgages 30-to-59 days behind on payments jumped to 1.03% in May from 0.92% during the same month a year earlier. Among all
Researchers find ‘surprise’ in new mortgage delinquency data Read More »
Jin Lee/Bloomberg JPMorganChase & Co. is putting Marianne Lake, one of the leading contenders to one day take over for Chief Executive Officer Jamie Dimon, in charge of strategic growth and the firm’s fast-growing overseas consumer bank. The appointment follows the departure of Sanoke Viswanathan, who’s leaving to become CEO of the data company FactSet,
JPMorgan hands more duties to Lake, seen as a CEO contender Read More »
The anticipated impact of tariffs pushed consumers toward big-ticket items in April, but overall borrowing levels also show them becoming more discerning in light of political developments, according to Vantagescore. Researchers noted earlier this year the likelihood of a bump in certain types of purchases before the implementation of various tariff measures proposed by President
Tariff fears drive April auto, mortgage borrowing Read More »
The former headquarters of the Consumer Financial Protection Bureau with signage removed.Catherine Leffert The Consumer Financial Protection Bureau has dismissed or withdrawn more than half of its pending enforcement cases as the Trump administration clears the docket of work it inherited from the Biden era. Since February, acting CFPB Director Russell Vought has dismissed 17
Trump’s CFPB drops more than half of all pending litigation Read More »