The University of Michigan's Index of Consumer Sentiment declined to a nine-month low in its preliminary October reading, but analysts say the drop wasn't as bad as it could have been. The index plunged to 75.2 in the mid-month report, down from 77.5 at the end of September. The fall in the headline index was due entirely to a drop in consumer expectations. The Surveys of Consumers' Index of Consumer Expectations fell to a 2013 low of 63.9 from September's 67.8.
Read More »Virginia Bank Chooses Fiserv Platform for Lending Needs
Fiserv, Inc., a provider of financial services technology, announced its Common Origination Platform has been selected as the platform of choice for Virginia's Old Point National Bank (OPNB).
Read More »SunTrust Squares Up Legacy Issues with GSEs, Federal Agencies
SunTrust announced Thursday that it has taken further steps to clear up its mortgage problems with the government and with the GSEs. On top of an agreement reached with Freddie Mac at the end of September, SunTrust has settled with HUD, the Department of Justice, and the Federal Reserve for allegedly unsound practices with respect to its servicing and origination operations. The Atlanta-based lender estimates its third-quarter earnings will take a $179 million hit as a result.
Read More »CFPB Penalizes Two Institutions for HMDA Violations
The Consumer Financial Protection Bureau (CFPB) has ordered two mortgage banks to pay civil penalties for violating the Home Mortgage Disclosure Act (HMDA) with allegedly inaccurate for applications from 2011. According to a release from the agency, Mortgage Master (a nonbank headquartered in Walpole, Massachusetts), and Washington Federal (a Seattle-based bank), failed HMDA reviews when it was determined "that their compliance systems were inadequate and that they had severely compromised mortgage lending data."
Read More »Commentary: Congress’ Deadliest Weapon? Uncertainty.
While many analysts cite varying reasons for the tepid, start-stop nature of this recovery, we attribute much of the lethargy to the heightened level of uncertainty that has gripped consumers.
Read More »Wells Fargo Reports Record Profits, JPMorgan Drowns in Legal Expenses
Wells Fargo and JPMorgan Chase both released their earnings summaries for the third quarter on Friday, revealing the full toll that legal expenses have taken on the latter's profits.
Read More »Mortgage Returns Introduces Storefront Marketing Solution
Mortgage Returns, a provider of customer relationship management (CRM) technology and automated marketing solutions, has launched its new Storefront marketing solution, an enhanced feature of the company's CRM system.
Read More »JPMorgan Chase Names New CIO
JPMorgan Chase will soon welcome Dana Deasy as its new CIO. He brings more than 27 years of experience to his new role.
Read More »September Brings Seasonal Declines in Sales, Prices, Inventory
The frenzy that has characterized the 2013 housing market has officially come to a close, Redfin says in its latest Real-Time Price Tracker. The tech-powered brokerage reported a seasonal drop in home sales, prices, and inventory in September, though the recovery's strength is still evident in year-over-year gains. Current trends point to continued declines in the months ahead--an expected turn as demand from homebuyers starts to slow down in fall and winter.
Read More »Washington Gridlock Spells Quiet Week for Mortgage Rates
Fixed mortgage rates held more or less steady this week as Capitol Hill remained locked in debate over budgetary concerns. According to data in Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.23 percent (0.7 point) for the week ending October 10, just up from 4.22 percent last week. A year ago at this time, the 30-year FRM averaged 3.39 percent. Meanwhile, Bankrate.com recorded a fifth consecutive week of declines for fixed rates in its weekly national survey.
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