A proposal last week from federal regulators to reduce capital requirements on mortgage servicing rights for all but the largest banks was met with mostly praise from banks. “The proposal to review and refine capital rules for community banks is a step in the right direction that acknowledges what our members already know,” said Rob Nichols, president and CEO of the American Bankers Association. “Some of the current capital requirements are keeping banks from fully serving their ...
Mortgage originations for black and Hispanic borrowers rose significantly faster in 2016 than among whites, according to a new Inside Mortgage Finance analysis of recently-released Home Mortgage Disclosure Act data. The HMDA report reveals that a total of $1.956 trillion of home loans were originated last year, an 18.5 percent increase over the 2015 total. Most observers believe that HMDA undercounts total mortgage originations by about 5 percent ... [Includes one data chart]
LoanDepot more than doubled its ARM originations in that span, and large increases were also seen at Wells Fargo, Bank of America Home Loans, First Republic Bank and MUFG…
Social Finance, a former fintech darling, has been through the ringer of late: cofounder, CEO and “brain” Michael Cagney resigned midmonth amid sexual harassment allegations and other top executives have departed as well, raising questions about the company’s direction – and future. SoFi, as it’s known, was a “disruptor” of sorts in the financial services arena, refinancing student loans made to millennials at cheaper rates and then securitizing the paper. Over the past 18 months, the privately held startup has been...
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