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  • HomeStreet Bank moves to sell off almost entire mortgage business

    After struggling to keep up with the mortgage business’ new reality of lower refinance originations due to higher mortgage interest rates, HomeStreet Bank is plotting a mass exodus from the mortgage business. The bank announced Friday that it is planning to sell off its entire retail mortgage operation, which includes 72 home loan centers in five states.

Items Tagged with 'The Office of the Comptroller of the Currency'

ARTICLES

  • U.S. Bank to promote Jodi Richard to vice chairman

    Richard will oversee risk management and compliance efforts
    U.S. Bank recently announced it will promote Jodi Richard to vice chairman and chief risk officer, following current Vice Chairman Bill Parker’s plans to retire in the upcoming months. Richard is expected to transition into the new position by early October.
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  • OCC: 87% of settlement funds distributed to borrowers

    Waters has called OCC's crediting system "nonsensical"
    According to the OCC, Qualified Settlement Fund 1 had disbursed 3,948,415 checks to distressed borrowers, totaling $3,385,814,432, as of January 24, 2014. Of those checks, 3,280,458 (83%), totaling $2,903,932,623 (86%), have been cashed or deposited as of April 8, 2014.
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  • Mortgage servicing foreclosure review faults subpar regulation

    Cash payouts and foreclosure prevention fund based on "incomplete information"
    When it came to the $6 billion set aside for foreclosure prevention actions, the GAO found that the Fed and OCC did not define specific objectives for what was to be done with the money. Instead, the regulators negotiated with the servicers and identified broad objectives, including “that actions be meaningful and that borrowers be kept in their homes.”
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  • Payday lending critics bark up the wrong tree

    While CFPB searches for solutions, big banks hidden role becomes clear
    While a 5% mortgage rate appears astoundingly high, some payday loans easily hit the hundred-percent interest range. But are activists barking up the wrong tree in trying to fix this sky high rate problem?
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