Items Tagged with 'Bank of America'

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Mortgage servicing boom

Servicing is primed to take off in 2017, spurring banks to jump back into the business
In the aftermath of the financial crisis, low interest rates and strict capital requirements combined to make servicing a losing proposition for many banks. The sharp glare of regulators didn’t help either, as banks and nonbanks navigated the already thankless waters of servicing with a new target on their backs. But all that changed abruptly in the fourth quarter of 2016 with the one-two punch of a Trump win and a rate hike by the Federal Reserve.
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HOT or NOT: What is trending in housing right now?

Airbnb gets a reprieve
What has been trending in the housing world over the last month? The CFPB is red hot, as usual, but consumer housing sentiment and mortgage insurance premiums did an abrupt about-face in the middle of the month. Also, the latest on Airbnb restrictions.
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Bank of America earnings per share beat expectations, increase 48%

But rise in interest rates came too late to affect Q4
Bank of America showed a positive quarter, and even beat already high expectations. But while the increase is up from last year, it still declined from the third quarter. The bank’s chief financial officer explains that rising interest rates, while not in time for the fourth quarter, could push net interest income even higher in 2017.
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HUD charges Bank of America with lending discrimination

Accused of discriminating against Hispanic mortgage borrowers
The Department of Housing and Urban Development announced Friday that it is charging Bank of America and two of its employees with discriminating against Hispanic mortgage borrowers. According to the National Fair Housing Alliance and HUD, Hispanic prospective mortgage borrowers were given inferior loan options when compared to non-Hispanic prospective borrowers.
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Here are HousingWire's top 10 articles of 2016

Thanks to our loyal readers for making this another great year
The past year was record-breaking for HousingWire in just about every metric we have, and that’s all thanks to you, our loyal readers. You push us to do more, to do better, to reach higher, to dig deeper, to keep fighting, and we have no plans of stopping. So here, as we begin a new year, are HousingWire’s top 10 articles of 2016, as determined by our readers.
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What happened to all that mortgage settlement money?

New York Times' Dealbook provides look at 8 massive mortgage settlements
While the headlines don’t show up quite as often as they once did, it still seems like that every few weeks another bank is settling with the federal government (or other parties) over the mortgage misdeeds of the past. Each of those settlements checks in the multi-billion dollar range, but what happens to the settlement money after the banks pay up?
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BofA approaching $7 billion of consumer relief in toxic mortgage settlement

Monitor says bank reaches 97% of relief obligation
Bank of America is almost finished with providing $7 billion in consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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Bank of America doubles down on 3% down mortgages without insurance

Expands "Affordable Loan Solution" for low- and moderate-income homebuyers
Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the "Affordable Loan Solution" program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion.
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