Mortgages

The credit union service organization's newest chief executive took the helm April 1 and a new name for the company will debut in June.

Known for giving away its signature canary-hued Converse to employees and clients, this small API-centric fintech is poised to become a significant player in open banking thanks to parent company Mastercard and its vendor status with Fannie Mae and Freddie Mac.

The Michigan company recently paid $70 million to close the books on a matter dating to the last financial crisis.

Over the past year, bankers have been able to sit back and field calls from borrowers eager to take advantage of low rates. Now, with rates rising, many in the industry will likely adopt a more aggressive approach.

On Dec. 31, 2020. Dollars in thousands.

On Dec. 31, 2020. Dollars in thousands.

Credit unions were already transforming their home loan operations before COVID-19, but many of the adjustments made as a result of the outbreak are likely to become permanent.

The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse.

Like the fintechs SoFi and LendingClub, DLP Real Estate Capital is acquiring a community bank largely to lower the cost of funding loans.

As the refi boom continues, many lenders will need to find the right balance of staffing and technology to meet members’ needs.

On Dec. 31, 2020. Dollars in thousands.

On Dec. 31, 2020. Dollars in thousands.

Stephen Calk, who is scheduled to face trial in June on bribery charges, allegedly reversed course on whether to make a multimillion-dollar loan to Trump’s campaign chairman following the then-president-elect’s surprise victory in November 2016.

Some applaud the agency's recent delay of the mandatory compliance date for a new Qualified Mortgage standard. Others say it leads to more uncertainty for lenders, opens the door to additional changes and enables some companies to loosen their underwriting.

Rodney Hood, a board member and former chairman for the credit union regulator, was selected to fill a seat previously held by Todd Harper, who was recently appointed NCUA chairman.

Rohit Chopra, President Biden's pick to lead the Consumer Financial Protection Bureau, told a Senate panel he would do more to protect veterans from foreclosure, empower consumers to dispute data on their credit records and crack down on student loan servicers that aren't helping troubled borrowers.

The bank's purchase of Sodak Home Loans in Sioux Falls, S.D., adds to a string of bank deals for mortgage lenders this year.

In an analysis of the pandemic's impact on the housing market, the agency said nearly 10% of households could be at risk of eviction or foreclosure despite government programs to enable homeowners to delay their payments.

On Dec. 31, 2020. Dollars in thousands.