The Federal Reserve entered 2023 focused on a central goal: wrestling down the rapid inflation that has plagued American consumers since 2021. But over the past two weeks, that job has become a lot more […]
Goldman Sachs said deposits have started to move out of U.S. banks and towards money markets funds, as investors seek the safety in Treasury securities amid worries about stresses in the banking sector. Retail money […]
Plummeting bond yields, steep drops in oil and stock prices, and a sharp jump in volatility are all signaling that investors fear a recession is now on the near horizon. Stocks were down Wednesday, as […]
Mortgage application volume increased for a second straight week as investors fled to the safety of government-guaranteed securities in the wake of three bank failures, and fears of depositor runs on several large regional banks. […]
March came in like a lion for the banking industry with a trio of bank failures, including the nation’s 16th largest bank, Silicon Valley Bank (SVB), with assets of $212 billion. The other banks laid to rest […]
Brady Torgerson, former president of First Security Bank-West, was sentenced to two years in prison for two counts of bank fraud he conducted between 2019 and 2021 when working for the North Dakota-based bank and […]
Northpointe Bank, a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business. “Due to the significant […]
San Antonio, Texas-headquartered USAA eliminated 130 positions in the real estate lending group amid projections that the mortgage industry will shrink in 2023. The layoffs at USAA Federal Savings Bank represent about 1.6% of the […]
Dallas-based mortgage servicing software provider OrangeGrid announced on Thursday that Flagstar Bank has implemented its mortgage servicing software to “manage its loss mitigation processes and enhance internal efficiencies.” “OrangeGrid is good news for Flagstar’s borrowers […]
Two months after receiving the Federal Reserve’s approval to merge with New York Community Bank, Michigan-based Flagstar Bank is reducing its footprint in the retail channel and laying off hundreds of staffers, according to laid […]
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