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Emerging Trends in Commercial Lending: A New Era of Opportunities Explore the latest trends in commercial lending, focusing on technology-driven solutions and the rise of sustainable finance. Learn about new opportunities for businesses and lenders.
Lending (1572)
Finance of America Agrees to $14.5M Fine
Finance of America Mortgage LLC has agreed to pay the United States government $14.5 million to settle a False Claims Act lawsuit involving mortgage fraud. The lawsuit relates to Federal Housing Administration loans originated by Gateway Funding Diversified Mortgage Services, which Finance of America acquired in 2015. [caption id="attachment_8407" align="alignleft" width="288"] Gateway focused on its… Read more...
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Lenders’ Pessimism Hits New Low
Lenders pessimistic about their ability to generate profits has fallen to an all-time low. According to Fannie Mae’s Q4 2018 Mortgage Lender Sentiment Survey, the outlook for profit among lenders established a low across all loan types--GSE-eligible, non-GSE-eligible, and government. The survey polls senior executives of its lending institution customers on a quarterly basis to… Read more...
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Texas Capital Launches Digital Mortgage Program
Texas Capital Bank has launched their eMortgages program, becoming one of the first banks in the U.S. to fully support digital mortgages. By providing financing for eMortgages, Texas Capital Bank aims to solve the liquidity issue for lenders, and bridge the financial gap required to help eMortgages take off. "The team is proud to be… Read more...
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Homeowners’ Equity Rises 9.4%
Homeowners with mortgages have seen their equity increase 9.4 percent year over year, a gain of almost $775.2 billion since the third quarter of 2017. Also, the average homeowner gained $12,400 in home equity between the third quarter of 2017 and the third quarter of 2018, according to the Home Equity Report from Corelogic. While… Read more...
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Leaders on Leadership: Kristy Fercho of Flagstar Bank
Name: Kristy Fercho Title: President of Mortgage Company: Flagstar Bank Number of Employees She Manages: 1,800 Mortgage Exec Since: 2001 Who Inspires Her: Her father, Willy Williams. In 1969, in the aftermath of the 1968 Mexico Olympics, a tumultuous era for Civil Rights, Dick Clausen, a forward-thinking athletic director at the University of Arizona,… Read more...
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Synovus Gains Regulators' Approval for Acquisition, More
Synovus Financial Corp. has received regulatory approval from the Federal Reserve and the Georgia Department of Banking and Finance to complete the merger with FCB Financial Holdings Inc., owner of Florida Community Bank. The merger ofFlorida Community Bank into Synovus is slated to be completed around Jan. 1, subject to the satisfaction of customary closing… Read more...
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Home Equity Declined In Q3
Home equity and tappable equity declined in the third quarter because the value of home prices declined in some of the most expensive housing markets in the U.S. Tappable equity is the amount available for homeowners to borrow against before hitting a maximum 80 percent combined loan-to-value ratio. “After seeing a significant slowdown in its… Read more...
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Higher Incomes Drive Up Home Purchase Sentiment Index
The Fannie Mae Home Purchase Sentiment Index rose 0.5 points to 86.2 in November. The increase can be attributed to an increase in the net share of Americans who reported a significant increase in income, which hit a new survey high after jumping five percentage points. The net share of Americans who said it is… Read more...
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Wells Faces Class Action Lawsuit
Two law firms have filed a class action lawsuit on behalf of borrowers who were wrongfully denied a mortgage modification under the federal Home Affordable Modification Program due to an alleged software error by Wells Fargo. The Gibbs Law Group and Paul LLP allege in the lawsuit that Wells Fargo failed to implement and maintain… Read more...
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New Penn To Receive Name Change, Rebrand
New Penn Financial LLC will operate under the name NewRez as of 2019. New Residential said the name change and decision to rebrand are indicative of New Penn’s close alignment with its parent company and deliver value to customers and strategic partnerships. New Residential acquired New Penn, a national lender known for innovative technology, in… Read more...
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