Mortgages

The $41.2 billion-asset Los Angeles bank says it will wind down its premium finance and multifamily lending segments and intentionally slow loan growth.

During a hearing on racial bias in home valuation, the head of the Consumer Financial Protection Bureau questions the Appraisal Foundation's "weird" regulatory structure.

The breaks for some lower-income borrowers are welcomed, but the use of debt-to-income as a differentiator could complicate originations at a challenging time, lenders say.

Updates will become effective on May 1 and a uniform mortgage-backed securities fee reduction will begin on April 1.

The Texas bank will let customers go through the entire process on their phones, at the same time that it emphasizes human service that is not impacted by commissions.

Fannie Mae has selected five organizations to share in a $5 million pilot program aimed at expanding and promoting affordable housing and Black homeownership.

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

The move, which comes with an unspecified number of layoffs, is expected to cost the company $3.8 million to $4.6 million in pretax charges in the second quarter.

The shift opens the door for regional banks to increase their aggregation activities, analysts said.

Federal Reserve Bank of Kansas City President Esther George said the central bank should raise its benchmark interest rate above 5% and hold it there well into 2024 to bring inflation down.