Mortgages

The North Carolina company will hold onto the loans after the Fed's decision to slash interest rates.

While clients are uneasy about the spread of coronavirus, Kelly King touted the added volume his company has seen from lower rates.

The company disclosed that an internal review of a now-discontinued loan program found that employees engaged in misconduct tied to income verification and requirements, among other things.

A handful of banks keep trying to make the customer-Alexa connection happen; banks are more worried about payments firms than other types of fintechs; how financial institutions are coping with COVID-19; and more from this week’s most-read stories.

The JPM CEO is “recovering well” as the bank’s two co-presidents assume control; the House finance chairwoman says the bank board members neglected their duty.

The credit card issuer is seeking to rebound following a tumultuous year in which top executives departed and key retail partners declared bankruptcy.

Fed makes emergency cut, JPMorgan tests contingency plan; the justices appeared divided on whether to give the president power to fire the agency’s director.

The Fed’s decision to cut its benchmark interest rate amid growing coronavirus concerns is bound to have an impact on banks, but just how broad and how deep remains to be seen.

Demand for home loans has been strong in recent months and is expected to increase coronavirus fears push rates lower.

The Federal Housing Finance Agency authorized the government-sponsored enterprises to contribute $502.2 million to two funds that help preserve and build affordable housing.

The agency's director said both steps will come as part of an ongoing review of agency rules and show her "commitment under the law to be effective and evidence based” in providing clarity to stakeholders.

With interest rates and unemployment at rock-bottom lows and home values rising, the part of JPMorgan's retail business that sells home loans to consumers made money last month, marking the first profitable January in five years, according to people familiar with the matter.

The company is buying a homebuilder finance portfolio with $47 million in loans and $80 million in commitments.

Fannie Mae and Freddie Mac are expected to retain “limited and tailored government support” after they are released from U.S. control, Treasury Secretary Steven Mnuchin said in a letter to lawmakers.

Dana Wade would succeed Brian Montgomery, the acting deputy secretary of the Department of Housing and Urban Development.

Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories.

Broadway Financial prefers a small balance sheet and loans to real estate investors that offer affordable housing. Capital Corps and its founder, Steven Sugarman, want the bank to expand by making more loans directly to low- and moderate-income borrowers.

Refinance application activity last week was the highest in nearly seven years, with more than triple the volume from one year ago, according to the Mortgage Bankers Association.

Bankers groups are keeping close tabs on a host of legislative and gubernatorial proposals, from prize-linked savings accounts in Iowa to rent control in Massachusetts to a slew of bills modeled after California's recently passed data privacy law.

Depending on one's perspective, the surge in consumer borrowing is either a normal byproduct of a booming economy or a worrisome trend that portends a wave of delinquencies when the next downturn hits.