Bank of America reported on Wednesday its earnings for the third quarter, revealing that profits tanked under the weight of a massive legal charge stemming from a recent mortgage settlement with the Justice Department. Factoring in the settlement, BofA's mortgage unit was the only one of its five businesses that didn't see income grow over the last year.
Read More »Despite Financial Security, More Americans Cutting Spending
In survey findings released Tuesday, Bankrate.com reported that two-thirds of American consumers are now limiting how much they spend each month. Of those who have had to draw their purse strings tighter, 32 percent cited stagnant income as the main reason, while 29 percent said they need to save more. Sixteen percent cited worries about the economy in general.
Read More »Study: 70% of Consumers Lack Knowledge of Financial Rights
Fewer than one-third of American consumers have a passable understanding of their financial rights, according to a new study from FICO. In a comprehensive survey of U.S. bank customers, the analytics company found only 30 percent of those quizzed about their financial rights earned a passing grade, with only 1 percent achieving an A (with 92 percent of responses correct).
Read More »Black Knight Appoints CTO for Data and Analytics Segment
Black Knight Financial Services' Data and Analytics division announced the selection of Ben Graboske to serve as chief technology officer.
Read More »Profits Rise at Wells Fargo, JPMorgan Chase
Third-quarter profits improved annually at two of the nation's biggest megabanks, though mortgage banking results were mixed. For the latest completed quarter, JPMorgan Chase reported net income of $5.6 billion compared to a loss of $380 million a year ago. On the other side of the country, Wells Fargo posted profits of $5.7 billion for the quarter, up from $5.6 billion in Q3 2013 and flat from Q2 2014.
Read More »DocMagic, Liquid Logics Announce Tech Partnership
DocMagic, Inc., a loan document preparation services provider headquartered in California, announced a partnership to make its service offerings available to users of Liquid Logics' loan origination system (LOS).
Read More »Pennsylvania Housing Market Sees Largely Positive Q3
Despite an uptick between the second and third quarters, home sales in the state of Pennsylvania failed once again to hit year-ago levels, according to data released Monday by the Pennsylvania Association of Realtors (PAR).
Read More »UWM Announces Enhancements to Broker Tools
In Troy, Michigan, United Wholesale Mortgage (UWM) announced the opening of its new Marketing Center, a free benefit for its partners that allows brokers and correspondents to create customized, professionally developed marketing flyers.
Read More »Outlook for Title Industry Revised to ‘Steady’
Rating agency A.M. Best is revising its outlook for the U.S. title industry, bringing it down from "positive" to "stable" as concerns build about uncertainty in the housing recovery. The change reflects the company's outlook shifting from a possible ratings upgrade due to favorable trends to a "low likelihood of a rating change."
Read More »ClosingCorp Announces Appointment of New CTO
ClosingCorp, a provider of residential real estate closing cost data and technology for mortgage lenders, title and settlement companies, and real estate professionals, has a new chief technology officer (CTO), tapping industry veteran Kamel Boulos for the position.
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