Tag Archives: Processing

In a statement released Monday, banking giant PNC Financial Services Group revealed that it had acquired troubled Canadian firm RBC Bank for $3.45 billion in cash and stock, absorbing $25 billion in assets and re-branding over 400 branches across the southern United States. According to Bloomberg News, PNC anticipates $322 million in merger-related expenses, coupled with the addition of $19 billion in deposits and $16 in loans. Additionally, PNC expects to whittle down nearly $230 million, or 27 percent, of non-interest expenses for the bank after implementing administrative and operational changes.

Seeking to dispel controversy surrounding recent rule-making efforts, Consumer Financial Protection Bureau nominee and Treasury Department adviser Elizabeth Warren attended a virtual press conference on Thursday to invite public commentary and uphold the agency's claim to sweeping powers under the Dodd-Frank Act. Warren briefly touched on the proposed definition for so-called ├â┬ó├óÔÇÜ┬¼├àÔÇ£larger participants,├â┬ó├óÔÇÜ┬¼├é┬Ø citing nonbank mortgage companies, payday lenders, and private student lenders as subjects that would fall under the rule.

Members of Congress linked arms with a broad coalition of community and professional associations to call for the reversal of a key provision in the Dodd-Frank Act, which critics charge will upend recovery in the housing markets, close the door on new homebuyers, and force borrowers to shoulder higher costs. The lawmakers and industry groups showed up in force at a press conference organized by the Coalition for Sensible Housing Policy, which plans to submit a white paper to authorities as official commentary.

With total U.S. debt soaring past $14 billion in May and negotiations over a controversial ceiling raise splintering at the highest levels, analysts worry that the Federal Housing Administration may shut down if the federal government defaults on August 2 -- a crisis scenario that would wreak havoc in housing markets, tightening the credit supply and spoiling a recovery. Analysts suggest that a default by the government would unfairly and adversely impact minority homeowners.

Under a new agreement between American Bankers Association subsidiary Business Solutions and Mortgagebot, banks signed up with the former will have the ability to access solutions for their online mortgage applications.

Adding to an innovative new remediation platform it launched in May, the National Association of Field Mortgage Services announced key additions that propose to enhance the speed and ease in field services.

Firing another salvo at the new Dodd-Frank regulatory regime, House Republicans submitted an appropriations bill last week that proposes slashing $350 million from the Consumer Financial Protection Bureau's budget for 2012. Released by the House Committee on Appropriations, the bill offers to cap funding for the CFPB at $200 million, keeping to a minimum the sweeping powers that Dodd-Frank invested in the new regulatory agency. Provisions also threatened to kneecap the Obama administration's 2011 fiscal year budget.

In a statement released Thursday, Transwestern announced the appointment of Sunjay Arya as transaction manager at its Houston headquarters. We are excited about the growth of our multifamily team, both locally and nationally, said Ed Cummins, SVP of multifamily services.

Tech leaders a la mode and CoreLogic are teaming up. CoreLogic├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós ValuEdge platform will now connect with a la mode├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Mercury Network to facilitate ValuEdge's Native XML appraisal data. CoreLogic's ValuEdge software targets streamlined appraisal process compliance, and the integrated plugin with a la mode will provide CoreLogic with additional quality control elements and advanced bundling for all reports.

May housing numbers are in for the state of California and numbers look grim. The survey, conducted by the California Assoc. of Realtors, credits the struggling economy and stringent lending standards for the decline.