Kate Berry

Bank of America's shareholders cast far fewer votes than a year earlier for a key director who helped combine the titles of chairman and chief executive, allowing Brian Moynihan to hold both posts while sparking anger among investors.

Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Bank of America, led by Brian Moynihan, at its annual meeting tried to look responsive to criticisms of its corporate governance, slow turnaround and other matters while announcing it would phase out lending to coal companies.

Banks want all loans held in portfolio to be classified as ultrasafe regardless of the underwriting characteristics or of a bank's asset size. But consumer activists and independent mortgage lenders are raising red flags ahead of possible Senate Banking action.

Ocwen Financial's shares jumped 19% to more than $10 a share as of late morning Friday, the day after it reported a first-quarter profit and highlighted an expansion into mortgage lending.

The troubled Atlanta mortgage servicer's independent auditor has again delayed its 2014 financial results and has raised questions about the firm's viability, CEO Ron Faris said after Ocwen reported a steep earnings drop.

At Citigroup and Wells Fargo, shareholder proposals to disclose more about lobbying garnered double-digit percentages of the vote. PNC basked in environmentalists' admiration — after agreeing to leave business on the table.

With low rates tempting more home owners to refinance and relaxed down payment requirements spurring more home sales, bankers are more optimistic about mortgage lending than they have been in some time.

City National Bank has agreed to commit $11 billion in Community Reinvestment Act spending over the next five years in connection with its proposed sale to Toronto-based Royal Bank of Canada.

City National Bank in Los Angeles said Thursday that its first-quarter profit climbed 14% from the same period last year, fueled by a surge in real estate construction and commercial lending.

As banks have largely ceded the market for government-backed loans to nonbank lenders and servicers, it's fallen on Ginnie Mae to be sure that these nonbanks can meet their obligations to bondholders. It's a huge concern for President Ted Tozer, who says the company does not have the resources or manpower to examine these firms' finances.

Solid loan and deposit growth propelled East West Bancorp to double-digit profit gains in the first quarter.

Independent lenders rebut suggestions that they pose a greater risk to FHA (and hence taxpayers) than the large banks.

The shift in market composition is fueling concerns that if defaults rise, the Federal Housing Administration would have a harder time making lenders eat the losses on poorly underwritten loans.

Wells Fargo's quality-control procedures will play a key role in a closely watched mortgage-fraud case that could go to trial this summer. Federal prosecutors are using the bank's internal reports to allege its executives knew about deficient loans.

The Justice Department's Clifford White is putting all mortgage servicers on notice that they too will be punished if they flout bankruptcy rules.

Investors punished Nationstar Mortgage, sending shares down more than 10% Wednesday, down $3.15 a share to $27.96 a share, after the nonbank servicer announced a capital raise of roughly $500 million that will dilute existing shareholders.

Ocwen Financial is fighting back against a group of large bondholders that have accused the Atlanta mortgage servicer of improper servicing practices and an alleged breach of trust.

The agency's interpretation of a Respa rule could put an end to the long-standing practice of mortgage lenders paying real estate agents and homebuilders to send business their way.

Ocwen Financial has delayed filing its 2014 results and announced the sale of more servicing rights.