Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate profit of $26.3 billion in the fourth quarter of 2011, a $4.9 billion improvement from the $21.4 billion in net income the industry reported in the fourth quarter of 2010. This … [Read more...]
Experts: RMBS Working Group May Dampen Recovery
February 21, 2012 by
Addressing Congress and the nation in January, President Barack Obama unveiled a so-called financial fraud unit that would pursue securities fraud from before the financial crisis and provide relief to homeowners. The unit – later described by officials as the Residential Mortgage-Backed … [Read more...]
National Flood Insurance Program Extension Gets Bipartisan Support
February 14, 2012 by
Sens. Read More: National Flood Insurance Program Extension Gets Bipartisan Support … [Read more...]
BB&T Honored with 17 Greenwich Excellence Awards
February 2, 2012 by
Regional bank BB&T is starting of the year with a slew of awards for its Small Business and Middle Market banking groups. Between the two company divisions, BB&T earned 17 Greenwich Excellence Awards from Greenwich Associates. Read More: BB&T Honored with 17 Greenwich Excellence Awards … [Read more...]
FDIC Rules Outline Living Wills, Stress Tests for Banks
January 17, 2012 by
The FDIC finalized one rule and proposed another Tuesday that requires systemically large financial institutions to submit resolution plans and undergo annual stress tests, respectively. Under the finalized rule, financial institutions with more than $50 billion in assets will need to craft … [Read more...]
Banker to Broker: The Advantages to Mortgage Brokers
December 30, 2011 by
Change. Few words in the English language evoke such equal and opposite feelings—of both dread and excitement. Rapid and relentless, everyday change is precisely what mortgage brokers face, and I’m not referring to mortgage rates. For the past two years, waves of federal legislation and … [Read more...]
Facing the Challenges of the Current Mortgage Banking Landscape
December 29, 2011 by
As we look at the current industry and where it will likely head over the next few years, many brokers have more questions than answers. Companies, brokers and loan officers are still figuring out how loan originator (LO) compensation reform will impact their balance sheets and wallets. As the … [Read more...]
Flagstar Completes Sale of Georgia Bank Branches
December 12, 2011 by
In Georgia, Flagstar Bancorp has officially sold its 27-branch retail bank franchise to PNC Bank, N.A. The deal, which was announced earlier this year, has reached its conclusion, and PNC Bank will now take possession of all leases associated with the locations, as well as all associated business … [Read more...]
Total Mortgage Services Now Licensed in West Virginia
December 7, 2011 by
Total Mortgage Services LLC has announced that it received its West Virginia Mortgage Lender License from the West Virginia Division of Banking and is able to originate residential mortgage loans throughout the state of West Virginia. Total Mortgage is licensed as a mortgage lender in West Virginia … [Read more...]
Senators Grill Obama Administration Nominees
November 19, 2011 by
The Senate Banking Committee pressed nominees for the nation’s major financial services and housing agencies over a myriad of recent issues Thursday, with insolvency for the Federal Housing Administration and an increasing number of bank failures prevailing in discussions. The nomination … [Read more...]