Items Tagged with 'Mortgage Banking'

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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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  • Financial services groups ask Congress to pursue new data breach rules

    Bankers, title companies lay out vision for data security legislation
    Credit reporting agencies are far from the only companies that house consumers’ data. Banks, credit unions, insurance companies, title insurers and other companies are also tasked with safeguarding the information they possess. And now, the trade groups that represent many of those companies are also asking for the government to enact new data security rules.
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  • Wells Fargo pays $3.25 billion in Q4 for mortgage regulatory investigations, sales practices

    Mortgage banking creates pull on bank’s income
    2017 has been quite a year for Wells Fargo, as it continued to face fallout from its massive fake accounts scandal. Now, the bank’s fourth quarter earnings show Wells Fargo paid a total of $3.25 billion in pre-tax expenses for litigation accruals on a variety of matters including mortgage-related regulatory investigations, sales practices and other consumer-related matters.
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  • Here's what the new CFPB director should change

    These three areas are critical to the bureau's mission
    Richard Cordray is officially out at the CFPB, and although the bureau and the White House are battling it out over who gets to name the interim director, a change in direction is all but assured. Whoever takes the helm at the bureau should use the opportunity to correct some of the most onerous practices at the regulator. Here are three critical steps.
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  • BB&T reports record year for earnings in 2016

    But residential mortgage loans decreased in Q4
    BB&T reported record earnings for 2016, and fourth quarter earnings significantly higher than the previous year. However, these increases were not driven by residential mortgage loans which actually decreased in the fourth quarter of 2016.
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  • Citi keeps moving away from the mortgage business

    Credit cards are where it's at
    Citicorp net income increased to $3.5 billion, from $2.8 billion in the prior year period, primarily driven by the higher revenues as well as lower operating expenses and lower cost of credit. However, this isn't due to expansion in the mortgage market.
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