Lending

U.S. Bank says goodbye: Chief directors head to retirement

Two chief officers will retire by end of 2018
U.S. Bank announced Friday that Chief Risk Officer Bill Parker and Chief Human Resources Officer Jennie Carlson will retire by the end of 2018. “Both Bill and Jennie have assembled strong teams to lead us into the future,” said Andrew Cecere, U.S. Bank president and CEO.
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Wells Fargo agrees to pay $480 million to shareholders to settle fake accounts suit

Settlement reached in pending class action suit over bank’s sales practices
The fallout from Wells Fargo’s fake accounts scandal is not finished yet. The bank announced Friday afternoon that it reached a new settlement over its sales practices and will pay $480 million to a group of shareholders who accused the bank of making "certain misstatements and omissions" in the company’s disclosures about its sales practices.
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Caliber Home Loans names Justin Lally to SVP, recapture and direct to consumer channel role

Will report to EVP Chad Smith
Caliber Home Loans announced on Thursday it has named Justin Lally to serve as senior vice president of its recapture and direct to consumer channel for the nonbank mortgage lender. Lally, who previously worked in production for companies including First Direct Lending and Discover Home Loans, will report to Chad Smith, EVP and head of the recapture and direct-to-consumer channel.
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PHH gives up challenge to CFPB constitutionality

Will not pursue case to Supreme Court
The Court of Appeals for the District of Columbia Circuit’s stunning decision to reverse its earlier ruling and uphold the constitutionality of the Consumer Financial Protection Bureau will stand as the law of the land after PHH Corp. elected not to pursue the case to the Supreme Court.
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AFR Wholesale is mixing things up with Blend

Another lender jumps on the digital loan platform bandwagon
Surprise, surprise, another lender, AFR Wholesale, antes up, selecting Blend as the developer for its new digital loan application platform as momentum for a completely digital mortgage continues to build in the industry.
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The state of the multifamily market in three top 10 lists

New York, Dallas-Fort Worth, and Los Angeles exhibit big-time lending and building activity
The data on Q1 2018 keeps rolling in, and it can be a little overwhelming. Here is a round up of three top 10 lists that sum up what you need to know about the state of the national multifamily market by the numbers.
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Freddie Mac outstrips Fannie Mae in multifamily guarantee growth by 19 percentage points

Multifamily lending market looks healthy as both companies report growth in their multifamily portfolios
Freddie Mac’s multifamily guarantee portfolio grew 30% year-over-year whereas Fannie Mae’s grew by 11% YoY. According to both companies’ quarterly financial results, Freddie grew its portfolio from $164 billion to $213 billion. Fannie grew its portfolio from $253.3 billion to $281.3 billion. This translates to 152,000 rental units and 154,000 units funded, respectively.
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MBA CEO David Stevens: Fair lending for the future homebuyer

Critically understanding the data
[Expert commentary] Recently, Reveal News wrote a story lobbing accusations at some banks and mortgage firms of engaging in discriminatory lending practices. Addressing concerns around discrimination is important and this discussion around the issue is long-standing as the nation works to meet the housing needs of American families. Therefore, publishing factual, complete data is critical so the topic can be discussed based on the merit of the facts and without bias.
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Finicity in the Winner’s Circle: Mortgage lenders need a digital-or-bust mentality

CEO Steve Smith gives advice to lenders who want to stay competitive
Speaking to HousingWire Editor-in-Chief Jacob Gaffney on his podcast series In The Winner’s Circle, the CEO of data aggregator Finicity, Steve Smith gave some advice to mortgage lenders who wish to stay competitive. Smith talks about this and elaborates on the importance of customer-data protection, how lenders use tech to save valuable time and the early role that blockchain technology is also playing in the industry.
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