Mortgages

Fee income also surged as the San Francisco bank reached the $100 billion mark in wealth management assets.

Wells Fargo took a surprise $1 billion charge in the third quarter for previously disclosed pre-crisis, mortgage-related regulatory investigations. It contributed to a 19% fall in profits.

While the House disaster relief bill would provide $16 billion in debt relief for the National Flood Insurance Program, it does not include a Trump administration proposal to ban new construction in flood-prone areas.

HUD Secretary Ben Carson said he's held off making any decision on premium cuts until the confirmation of key appointments. "It has been a real ordeal getting people in place," he said.

The Tennessee bank said it has bought Professional Mortgage in Greenville, S.C., which services about $1.1 billion of commercial mortgage loans for 23 correspondent life company lenders.

The Consumer Financial Protection Bureau was created in part to ensure that nonbanks are subject to federal oversight, but the fact is that 99% of banks are exempt from CFPB supervision.

The sale of the struggling Financial Freedom unit to an undisclosed buyer would continue CIT's strategy of shedding noncore business lines.

A change in the formula that banks use to calculate borrowers’ debt-to-income ratios, announced by Fannie Mae in April, appears to be spurring more lending.

The Louisiana company also set aside funds to cover efforts to settle litigation tied to its mortgage business.

At 1.56%, the delinquency rate on consumer loans remains well below historic averages, the American Bankers Association said Thursday.

Cynthia Blankenship, an executive at Bank of the West in Grapevine, Texas, has been a regular in Washington for years fighting for regulatory changes. She is encouraging other bankers to do likewise.

Some financial institutions are looking at how to translate the complicated and document-heavy mortgage lending process into the digital world of voice-interactive personal assistants.

The Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to notify distressed borrowers who have asked not to be contacted about the collection of their debts.

Some banks are looking at how to translate the complicated and document-heavy mortgage lending process into the digital world of voice-interactive personal assistants.

The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half-year period and to refund any who believe they should not have been charged.

The National Association of Home Builders is backing off long-held support for the mortgage interest deduction in hopes that the Trump administration can deliver on its promise of lower taxes.

Though FHFA Director Mel Watt stopped short of saying he would break with a Treasury agreement that forces all profits of the GSEs to go to the government, he emphasized that it couldn’t continue indefinitely.

The Seattle company, which has cut about 130 positions in the business in recent months, pointed to lower originations tied to a shortage of new and resale housing.

In a recent letter, two trade groups representing that industry lobbied Treasury Secretary Steven Mnuchin to support a bill that would give oversight of nonbank mortgage lenders exclusively to state regulators.

The week of Oct. 2 is shaping up to be a significant one for the financial services industry on Capitol Hill, as lawmakers grill the top executives of Equifax and Wells Fargo, as well as the top regulator of Fannie Mae and Freddie Mac.