Mortgages

The San Francisco-based online lender originated more than $2 billion in personal loans during the first quarter, a big jump from a year earlier. The surge made up for softness in the company's home loan and student loan businesses.

Roughly 24,000 people had new foreclosures listed on their credit reports in the first quarter, up from about 9,000 three months earlier, a Federal Reserve Bank of New York report says. States are trying to cushion the blow on homeowners now that many pandemic-related federal protections have ended.

The pending budget reconciliation legislation should retain measures meant to support minority homebuyers.

Multiple factors have slowed residential sales, tightening the market for home loans for banks and credit unions.

The moves were widely anticipated, with the markets already pricing them in, as the central bank attempts to get the upper hand on record-setting inflation.

Peter Thiel’s Valar Ventures Management is leading a $185 million funding round for Canada’s Neo Financial Technologies, propelling it to a valuation of more than $1 billion as it plans expansion into mortgages.

Even "lifers" are considering new jobs as financial institutions bulk up to expand into new markets.

On Dec. 31, 2021. Dollars in thousands.

The new hires joined Veritex from Bank of Houston, which has also been aggressively recruiting bankers.

The lender is the latest to announce cuts in response to declining production volume.

More than two years into the pandemic, banks hit several turning points during the first quarter. On the positive side, commercial loan growth finally materialized, but there were also snags, particularly in fee income.

The bank didn’t disclose which specific employees, or how many, were impacted by the announcement.

The Columbus, Ohio, bank, which already makes more loans than any other lender in the Small Business Administration's flagship program, is testing a plan to offer them outside of its Midwestern footprint.

Federal housing funds are targeted at building more apartments, not promoting homeownership, which is essential to building intergenerational wealth. There's an easy fix lawmakers have long ignored.

The bank has pivoted its commercial real estate operation as the rise of work-from-home arrangements has impacted market values. The only type of office space it's financing is Class-A buildings in major cities.

In the agreement, the bank denied allegations that it refused to issue a mortgage until one of the applicants returned to work from maternity leave.

Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.

The 30-year average has risen by more than a full percentage point in a little over a month.

Mike Roffler, the San Francisco bank’s incoming chief executive, says he’s not shifting strategy. During the first quarter, the company leaned on its mortgage business, where customers moved to lock in refinancings before interest rates rose.

The key for bankers to stay safe from mystery shoppers using aggressive techniques — many of whom are well funded by community investment pacts with megabanks — is to adhere to proper lending practices 24/7.