Items Tagged with 'Bank of America'

ARTICLES

  • Here’s why Bank of America’s mortgage banking revenue is shrinking

    Bank may not be pulling away from mortgage lending
    Bank of America is clearly seeing a decrease in its mortgage banking revenue, but the reasons why may not be because the bank is pulling away from mortgage lending. A deeper dive into one of the bank’s filings, and a talk with its CEO reveal why its mortgage banking revenue continues to shrink.
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  • HousingWire's Weekly Newscast #3

    We talk Zillow, Bank of America, and tech
    Episode #3 of HousingWire's weekly newscast features Editor-in-Chief Jacob Gaffney chats with HW reporter Kelsey Ramirez about Bank of America's earnings, Zillow's move into home buying and home selling. Plus, Managing Editor Sarah Wheeler reports live from MBA Tech.
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  • Is Bank of America taking its focus off mortgage lending?

    And who’s servicing its mortgages?
    Could Bank of America be taking a step back from its mortgage lending platform? Its new earnings report from the first quarter may hold the answer. A few years ago, the bank could easily report $1 billion per quarter in its mortgage banking income. However, in the first quarter of 2018, the income from this sector was so small that it was simply lumped into the section for all other income.
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  • Monday Morning Cup of Coffee: Goldman Sachs buys startup Clarity Money to bolster Marcus

    Plus, more on the AIME/Blend partnership for brokers
    It's the start of a new week, but the news couldn't wait for Goldman Sachs, which announced on Sunday it purchased personal finance startup Clarity Money (and its 1 million users) to boost its consumer-lending business Marcus. Plus, more on the Blend and AIME partnership for brokers and a new mortgage servicing rule goes into effect this week.
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  • Bank of America launches digital mortgage platform

    Becomes latest big bank to go digital
    Everybody’s doing it, and now Bank of America is doing it too. Bank of America revealed Wednesday that it is launching a digital mortgage platform, which allows customers to complete the mortgage application process either via their mobile device or on Bank of America’s website.
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  • Monday Morning Cup of Coffee: Countrywide, LandSafe accused of fraudulent appraisals during housing boom

    Plus, Mueller says Manafort committed mortgage malfeasance
    In today's Monday Morning Cup of Coffee: A federal judge recently granted class-action status to a lawsuit alleging that Countrywide Financial used LandSafe to conduct “sham” appraisals to increase the number of loans Countrywide originated during the mid-2000s. Plus, former Trump campaign manager Paul Manafort was accused of some mortgage misconduct. Click the headline for more.
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  • First American completes acquisition of BofA lien release business

    Will provide lien release services for bank
    First American Financial Corp., a provider of title insurance, settlement services and risk solutions, announced Thursday the completion its acquisition of Bank of America’s lien release business. The major deal makes Bank of America’s lien release business and its employees part of First American’s mortgage solutions division.
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  • Bank of America net income drops nearly 50% after tax reform

    But pretax earnings rose 17%
    Bank of America reported its net income dropped in the final quarter of 2017 due to expenses from tax reform, however without these expenses, its earnings surged 17%. The bank’s CEO said the company had a positive year, claiming, “We invested in technology, client engagement, and in our own team, including the $1,000 bonus we announced last month for 145,000 employees.”
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  • Fed fines another 5 banks $35.1 million for mortgage servicing and foreclosure infractions

    These big banks yet to be penalized
    On Friday, the Federal Reserve Board announced another $35.1 million in civil penalties against five banks as part of its effort to terminate enforcement actions, issued in 2011 and 2012, against a total of 10 banks related to residential mortgage loan servicing and foreclosure processing.
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