RICHMOND, Va. -- Crestar Mortgage Corp. has introduced a system that prequalifies homebuyers for mortgages within 10 minutes.
The system is aimed at realty agents and builders, who can determine in advance how large a mortgage potential buyers are qualified for and direct their sales efforts accordingly.
The customers fill out a short form, which is then faxed to Crestar.
The system evaluates the data provided and issues a prequalification letter by fax within 10 minutes.
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
