Originations

The American Bankers Association has called for an end to the government shutdown, saying it has prevented customers from securing loans and threatens even more damage.

As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages.

Borrowers and financial institutions may be feeling the strain from reduced operations at the FHA and IRS, which has suspended the release of certain income documentation during the budget impasse.

The Consumer Financial Protection Bureau issued guidance late Friday that will shield some new mortgage data from the public that lenders are required to report.

Along with a core conversion, the Twin Cities-area credit union deployed new loan origination systems and online and mobile banking platforms.

Social Finance, the lending and refinancing startup valued at more than $4 billion, is cutting about 7% of its staff, according to a person familiar with the matter.

The sustained rise in home values will boost Fannie Mae and Freddie Mac's loan limits for 2019, marking the second consecutive year in which it increased by nearly 7%.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

While JPM won't by the first to offer tap to pay, others may follow; cryptocurrency drops to lowest level of the year.

JPMorgan Chase is eliminating 400 positions in its mortgage banking unit, the latest lender to trim staff as a result of lower-than-expected demand in 2018.