Contracts, Invoices & Legal

Treasury Secretary Scott Bessent said Tuesday morning that banks should focus on the sweeping deregulation the administration has enacted as the industry pushes back on President The President's proposed 10% credit card interest rate cap. View the full article

The megabank's net income declined by 13% during the fourth quarter as a result of a $1.2 billion pre-tax loss on sale related to the divestiture of its remaining operations in Russia. View the full article

"These changes reflect adjustments we're making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work," the company said in a statement. View the full article

A stock offering or conservatorship exit could raise loan costs in some contemplated scenarios, a Stanford Institute for Economic Policy Research study finds. View the full article

Brinton joins the mortgage industry trade group after previously holding accounting leadership positions at a range of business organizations and nonprofits. View the full article

Late-stage mortgage delinquencies hit the highest level since January 2020 in September, a new report from VantageScore found. View the full article

Stenger joins the Chicago-based lender after more than a decade at Movement Mortgage and will oversee its retail platform, including new tech enhancements. View the full article

While purchase volume is up 20% from last year, it was 5% lower than one week ago, although a 4% increase in refinance activity helped pick up the slack. View the full article

Home equity is becoming a data-driven asset that demands sharper valuation and analytics as lending options expand, according to Clear Capital's EVP of Strategy and Growth. View the full article

November rate locks fell seasonally but hit their strongest level since 2021, led by refis, while lenders shifted more loans to the GSE cash window. View the full article

Home loan players are diverting technology budgets to cover back-office operations, after big spending in a downcycle, counter to historical patterns. View the full article

An influx of adjustable-rate and cash-out refinance mortgage programs during the month pushed the Mortgage Credit Availability Index 0.7% higher in November. View the full article

In a new interpretive letter, the Office of the Comptroller of the Currency will allow banks to serve as middlemen for "riskless" crypto trades, extending existing brokerage authority for securities to digital assets. View the full article

FHA loans accounted for about half of the annual rise in foreclosure starts and 80% of the rise in active foreclosures in September, according to ICE. View the full article

The administration has previously said the finalists are Fed Governors Christopher Waller and Michelle Bowman, former Governor Kevin Warsh, National Economic Council Director Kevin Hassett and BlackRock Inc. executive Rick Rieder. View the full article

Malloy Evans and Danielle McCoy are moving on as both Williamson and Tom Klein, deputy general counsel, take on their respective responsibilities for now. View the full article

Components of the index all rose, including the highest reading for sales expectations in the next six months since the start of the year. View the full article

Mortgage activity fell 3.8% from one week prior for the week ending Dec. 12, led by a 4% drop in refinance applications, the Mortgage Bankers Association said. View the full article

The Office of the Comptroller of the Currency Monday said it will scrap fair housing reporting requirements, fast-track licensing for small banks and simplify regulation for smaller institutions overall. View the full article

The Pittsburgh-based bank's solid third quarter comes weeks after it announced it plans to acquire a Colorado bank for $4.1 billion. View the full article

Saul Van Beurden, Wells Fargo's consumer banking CEO and former head of technology, will lead the way on harnessing artificial intelligence. View the full article

The bank regulator is proposing to strengthen national preemption in the wake of conflicting decisions in related court cases. View the full article

James was charged with one count of alleged bank fraud and one count of making false statements to a financial institution. The indictment made public on Thursday follows allegations from The President administration officials that James engaged in mortgage fraud. View the full article

CMBS originated between 2017 and 2021 are especially vulnerable. Brighton counsels CMBS lenders to expect clear workout memos. View the full article

In order to believe in the idea of "competition" in credit scores, the Washington housing community must believe that large institutional investors who buy whole loans and mortgage-backed securities are really, really dumb, writes the Chairman of Whalen Global Advisors View the full article