Mortgages

Citigroup joined rivals in trimming the ranks of its mortgage workforce as rising interest rates continue to crimp demand in the housing market. 

Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.

BofA has launched two programs, one focused on increasing homeownership for Black and Hispanic Americans, and the other on small businesses owned by women and minorities that buy commercial real estate in federal opportunity zones.

Data as of Jun. 30, 2022. Dollars in thousands.

Bank lending activity grew at a strong clip in the second quarter and continues to expand. Yet rising interest rates and recession concerns could hamper future growth.

Small-business owners who can't get loans from traditional sources need alternative ways to access capital.

Farmers Bank plans to develop new revenue from home loans, despite seeing many bigger lenders flee the same market.

The bank plans to shrink its vast mortgage empire, which once churned out one of every three home loans in the U.S. and for a time made the bank the most valuable in the nation.

The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from "BBB" to "BBB-" and says it doesn't expect the bank's common equity Tier 1 ratio to bounce back anytime soon.