Mortgages

Bank of America's expenses still far exceed those of JPMorgan Chase and Wells Fargo, so analysts were clearly disappointed Thursday when CEO Brian Moynihan failed to outline any specific plans for further lowering overhead.

Facing the prospect of losing its license in California, Ocwen would be wise to settle its probe by state regulators in a timely manner, observers said. If it doesn't, the mortgage servicer could lose significant revenue and might even face a cash crunch.

While put-backs and litigation risk are widely recognized as factors that have contributed to tight credit conditions, another factor — high servicing costs for nonperforming loans — is being overlooked.

Lenders could save time and money by offering homeowners the opportunity to finance the purchase of a rooftop solar system into a new mortgage.

Citigroup, the third-largest U.S. bank, said profit tumbled 86 %, missing analysts' estimates after year-end trading slumped more than forecast.

Bank of America, the second-largest U.S. bank, said fourth-quarter profit fell 11% as revenue from fixed-income trading declined.

A federal agency's plan to tighten membership rules for Federal Home Loan banks would hurt community banks and credit unions — and could endanger the financial system, according to a broad array of stakeholders, including state regulators, lawmakers and institutions.

Wells Fargo saw more of its origination volume come from refinancings, while JPMorgan Chase continues to rebuild its correspondent channel, the banks said in their fourth-quarter results.

Mortgage application volume experienced the largest week-over-week gain in more than six years, but despite the FHA's announced cuts to insurance premiums, interest in conventional loans was greater.

Jane Fraser, the CEO of CitiMortgage and head of Citigroup's U.S. consumer and commercial banking units, is handing responsibility for day-to-day global mortgage operations to her current mortgage lieutenant, CD Davies.

Capital markets hold the key to the future for the consolidating Wall Street landlords, but the path through is downright bloody.

Lenders and homebuyers should not expect further reductions in Federal Housing Administration's mortgage insurance premiums this year, according to Housing and Urban Development secretary Julian Castro.

As banks look to cuts costs and improve efficiency, many are actively trying to reduce the number of times they "touch" a loan file. The goal: get the application right the first time so it doesn't have to be sent back to the underwriter for time-consuming and costly fixes.

Fears that lower Federal Housing Administration premiums will negatively affect private mortgage insurance firms are overblown. If anything, the plan should be a modest positive for the overall housing market.

The Supreme Court gave homeowners more ability to cancel their mortgages if lenders don't provide the required disclosures, in a setback for the banking industry.

The Consumer Financial Protection Bureau is launching a toolkit on Tuesday that will help consumers shop for a mortgage by finding the best rates in their area based on data the agency gathers from lenders.

Freddie Mac in the next month plans to approve three more lenders, including one bank, to make multifamily loans between $1 million and $5 million for GSE purchase and securitization, according to an official. Banks were not initially courted.

The San Francisco bank will lend to more borrowers with weaker credit histories, an official at the bank said. Bank of the West, a BNP Paribas subsidiary, has proven to be more aggressive than U.S. peers in the past.

JPMorgan Chase & Co. reached a preliminary settlement to pay $500 million to resolve a lawsuit over $17.6 billion of faulty mortgage-backed securities issued by Bear Stearns.

By targeting construction lending, 1st Financial Bank USA aims to expand beyond its hefty concentration in credit card loans while entering a business segment that has shrunk mightily since the financial crisis.