Foreclosures | Mortgages | Financing
The opening of a new call center in the Northwest will result in the hiring of dozens of new employees by PennyMac Financial Services Inc.
On Wednesday, the Westlake Village, California-based organization reported that it is opening a new consumer-direct lending call center.
The new call-center facility will help boost business from the channel, which generated $1.5 billion in production during the third-quarter 2016.
From:: Financing
The chief executive officer of The PNC Financial Service Group Inc. told investors that turnaround on home-equity loans is too slow and needs to improve.
William S. Demchak, who is the CEO of the Pittsburgh-based bank-holding company, made the comments Wednesday at a Barclays investor conference.
He noted that a fifth of pre-qualified HEL applicants “walked away from us because we haven’t kept up with today’s customer expectations for speed of delivery.”
From:: Financing
The volume of layoff notices by mortgage-related businesses has significantly slowed as of late, though the pace has remained robust among depository institutions.
In Rolling Meadows, Illinois, Bank of America Corp. is laying off 141 workers due to “consolidation,” a Worker Adjustment and Retraining Notification filing indicated.
The layoffs began on Sept. 4 and will be completed by Sept. 30, according to the July 11 filing with the Illinois Department of Commerce and Economic Opportunity.
From:: Financing
Mortgage bankers have increased their forecast for refinances during the final quarter of this year and the first half of next year.
Including refinancing and purchase financing, home-lending volume is projected to reach $561 billion during the third quarter.
Business is then expected to decline to $417 billion in the fourth quarter and fall further — to $366 billion — three months after that.
From:: Financing
The PNC Financial Services Group Inc. has agreed to settle a class-action lawsuit alleging excessive fees and illegal kickbacks on second mortgages.
At issue are loans made by Community Bank of Northern Virginia, which PNC inherited with its 2006 acquisition of Mercantile Bankshares Corp.
Borrowers allege that Community Bank charged excessive fees and paid kickbacks to a mortgage brokerage firm that steered them toward the bank.
From:: Financing
Legislation that would replace the cumbersome Dodd-Frank Wall Street Reform and Consumer Protection Act has advanced.
On Tuesday, the Financial Choice Act moved forward in the House after a 30-26 vote in a Financial Services Committee markup.
The bill, which isn’t expected to get a vote on the House floor, is Committee Chairman Jeb Hensarling’s plan for replacing Dodd-Frank.
From:: Financing
Purchase financing led an increase in overall new applications for home loans during the holiday week. A modest rise was recorded for refinances.
The volume of retail residential loan applications completed in the week ended Sept. 9 rose a seasonally adjusted 4 percent from a week earlier.
That was based on the Market Composite Index, which tumbled 17 percent when no seasonal adjustments are made for the Labor Day holiday.
From:: Financing
Executives have been appointed to a variety of management roles at mortgage companies including a subsidiary of Walter Investment Management Corp.
A Sept. 7 announcement from Ditech Financial LLC indicated that 25-year veteran Robert Groody has been recruited to lead consumer lending operations.
Groody most recently spent nearly six years at JPMorgan Chase & Co. He also previously worked at GMAC Bank as well as PHH Mortgage Corp.
From:: Financing
Wells Fargo & Co. is taking steps to address incentive compensation that led to the fraudulent opening of millions of accounts by employees who have since been terminated.
Last week, Wells Fargo Bank, N.A., agreed to settle allegations it opened 1.5 million deposit accounts and over a half-million credit card accounts without customer authorization.
The settlement cost the Sioux Falls, South-Dakota-based bank $185 million, including a record $100 million penalty that was paid to the Consumer Financial Protection Bureau.
From:: Financing
Regions Financial Corp.’s banking subsidiary has settled allegations that it approved government-insured mortgages that didn’t meet underwriting guidelines.
The Birmingham, Alabama-based financial services company announced Tuesday a settlement with the Department of Justice that amounts to $52.4 million.
According to Regions, the agreement with the Justice Department resolves a federal inquiry that it had previously disclosed and fully cooperated with.
From:: Financing