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Capital One Acquisition of ING Under Scrutiny from Fed

Complex financial evaluation is nothing new for the Federal Reserve, but federal regulators exploring Capital One Financial Corp.'s potential acquisition of ING Groep NV's online banking platform, ING Direct USA, are applying extreme examination to the transaction. According to the Fed, Capital One's proposed purchase of ING's U.S. web-based banking business could create a financial institution so enormous and complicated that it could affect the broader marketplace, and the Fed has issued a two-page letter asking for responses to critical queries.

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Stocks for Mortgage Banks Fall on Euro Zone Fears

The surprise resignation of a key official at the European Central Bank sent stocks and shares plunging in markets across Europe and overseas, furthering fears about a global economic slowdown and the potential for sovereign defaults across the European Union. Sagging stocks doubled up woes for Bank of America, whose CEO, Brian Moynihan, announced plans for some 40,000 layoffs as the mortgage giant reassesses its capital position in the market and undertakes restructuring efforts, according to multiple news reports.

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Churchill Promoting VP of Sales

Churchill Mortgage Corp. is promoting from within, naming Doug Walker as its vice president of sales support. Walker has been employed with Churchill for more than a decade, and his new role will encompass lender support for home loan specialists in all branches of the financial institution.

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Bank of Idaho Banking of Tech

Technology provided a big boost for Bank of Idaho giving the company an estimated 67 percent increase in loan officer productivity. Utilizing Mortgagebot to integrate point-of-sale transactions, Bank of Idaho has shortened its average closing time for mortgage loans by 22 percent.

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New Lows Visit 30-Year and 15-Year Mortgage Rates

application

With refinancing activity continuing a backslide, the number of homebuyers filing mortgage applications waxed over last week, falling by 4.9 percent on a seasonally adjusted basis, according to a weekly survey by the Mortgage Bankers Association. The trade group recorded new lows for 30-year and 15-year loan contract interest rates. According to the MBA's Market Composite Index, a yardstick for mortgage loan applications nationally, numbers declined by a seasonally unadjusted 5.3 percent.

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Global Shocks Unlikely to Directly Crimp Housing

Mortgage application volume suffered a drubbing Wednesday, even as the U.S. economy fell behind in important global rankings and the euro zone crisis continues to trouble investors. With numerous economists attributing lows for consumer confidence to a bevy of international concerns, MReport spoke with analysts to spot any troubling signs for housing as the global economy wobbles. The verdict: Market watchers should keep an eye on euro zone fallout for mortgage rates and credit supply.

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MMI Takes Manhattan

On of the country├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest independent mortgage companies, Mortgage Master, Inc., has opened its first office in Manhattan. MMI cites the city├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós relatively resilient housing market as the catalyst behind its recent expansion in New York. The Manhattan branch will serve the Tri-State area, which includes Connecticut, New Jersey, and New York, and Massachusetts-based MMI holds licenses in all three states.

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