Chase Mortgage confirmed it announced late Wednesday that Mike Weinbach was named the new CEO of Mortgage Banking, along with a couple other key leadership changes. As far as what this means for the mortgage business, Weinbach and former CEO Kevin Watters said it will be business as usual.
The CEO of Chase Mortgage Banking said earlier this week that the Federal Housing Administration’s loan requirements look an awful lot like subprime lending. And the comments did not go unnoticed by the industry, sending it into frenzy over what subprime really is.
Big banks are feeling the aftershock of the dynamic shift in the lending environment, with many of the heavy hitters pulling out of the mortgage finance space thanks to a critical drop in mortgage purchases and refinance volumes.
President Donald Trump appointed Calabria to take the helm of the FHFA on December 12, 2018. The Senate then officially confirmed Calabria in April by a vote of 52 to 44 as head of the agency. Since then, Calabria has not been silent on his plan to reform the FHFA and the entities it oversees – Fannie Mae and Freddie Mac.