MADISON, Wis. - (06/11/04) -- CUNA Mutual Mortgage Corp. hasformed a new entity as a means of expanding credit union mortgagelending. The new entity, called SHAREX, will offer mortgageservicing, compliance, reporting, secondary market delivery andbundling of services to member credit unions. CUNA Mutual said thesavings to participating credit unions will be immediate becausethe cost of servicing mortgage loans is driven primarily by thesize of the portfolio, and SHAREX will combine member creditunions' mortgage servicing with the portfolio currently serviced byCUNA Mutual Mortgage Corporation. Membership in SHAREX will cost$1,000 until Dec. 31, 2004. After that, the cost will jump to$2,500 per year.
-
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.
21m ago -
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.
1h ago -
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.
4h ago -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
6h ago -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
6h ago -
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.
7h ago