Mortgages

California’s Richmond Community Foundation will pursue a new social impact bond vehicle with a $3 million revenue bond private placement it hopes to close next month with the local Mechanics Bank.

Executives at small banks and credit unions told the Senate Banking Committee about horror stories of technical glitches, vendor delays and overworked appraisers, while expressing an interest in having more time to comply with new mortgage rules.

Nobody thought it would be pretty, but last quarter's results were even worse than expected, and low fee revenue is largely to blame. Trading and mortgage banking were particularly bad, and few of the big banks managed to offset the declines.

Sure, the U.S. government recently handed down strong new rules designed to protect consumers from unwanted robo-calls. But maybe some robo-calls aren't so bad. Like debt-collection calls in cases where the debt happens to be backed by Uncle Sam.

Department of Housing and Urban Development staff are working on a revision to the agency's condo rule and "we anticipate a rulemaking process," the HUD Secretary Julian Castro said this week.

Flagstar Bancorp in Troy, Mich., reported a third-quarter profit, as it originated more residential mortgages and recorded higher fee income.

Quicken Loans CEO Bill Emerson's term as chairman of the Mortgage Bankers Association underscores how the Internet-and-phone channel has grown from a quirky novelty to transformative force in the industry.

The financial condition of the Federal Housing Administration’s mortgage insurance fund has improved “significantly” over the past year, Department of Housing and Urban Development Secretary Julian Castro predicted late Monday.

Legislation would require GAO to study the impact the FHFA membership rule would have on the FHLB System and its members.

Community organizations and the banking industry are advancing dueling visions for how to reach the unbanked, with community groups asking regulators to strengthen existing rules while community banks want to lighten their regulatory burden so they can extend their services.