The Consumer Financial Protection Bureau under the Trump administration is eyeing revisions and a possible rescission to a number of rules governing the mortgage industry. The consumer watchdog sent five rules to the Office of Management and Budget for review on June 4. Rules on the queue include the Loan Originator Compensation Requirements under the […]
If the CFPB axes the LO comp rule, what happens? Read More »
Community development financial institution The Change Company won judgment against a firm led by its former employee, who previously sued the lender, lodging allegations of misconduct. The Anaheim, California-based parent of Change Lending filed suit in 2023 against Yeti Global Services, a company owned by its former chief of staff Adam Levine. Change accused Levine
Change Co. emerges victorious after suing ex-employee Read More »
Five U.S. Senators have called into question the lack of federal antitrust oversight of Rocket Companies’ proposed acquisitions of Redfin and servicing powerhouse Mr. Cooper. Lawmakers, including Sens. Elizabeth Warren, D-Mass, and Cory Booker, D-N.J.,sent a letter to the Justice Department’s Antitrust Division and the Federal Trade Commission demanding to know why the agencies did
Senators scrutinize Rocket’s Redfin, Mr. Cooper deals Read More »
A Redfin shareholder vote planned for today, June 4, will proceed as planned, according to legal documentation published by a Washington federal court Tuesday. The vote is one of the final steps for closing Rocket Companies’ $1.75 billion acquisition of the real estate brokerage. In early May, plaintiff Jason Morano, a Redfin shareholder, sued the
Roadblock for Redfin shareholder vote on Rocket merger removed Read More »
This story has been updated with an analyst’s comments. Wells Fargo has finally broken free from the regulatory shackles that have constricted its growth for more than seven years. The Federal Reserve announced Tuesday that it has lifted the $1.95 trillion asset cap it imposed on Wells in 2018. The cap’s termination is a watershed
Wells Fargo sheds asset cap, ending seven years of handcuffs Read More »
Rocket Cos. is offering a combined $4 billion in senior notes to pay some of Mr. Cooper’s ten-figure debt in anticipation of the major acquisition. The Detroit-based fintech said Tuesday it wants to sell $2 billion of senior notes due 2030 and an additional $2 billion of senior notes due 2033, unconditionally guaranteed by Rocket
Rocket plans to raise $4B to pay off Mr. Cooper debt Read More »
Jamie DimonBloomberg Jamie Dimon said his retirement from the top post at JPMorganChase is “several years away,” but the decision is up to the bank’s directors. “It’s up to God and the board,” the 69-year-old chief executive officer said in a taped interview aired Monday on Fox Business. “I love what I do.” The question
Dimon says retirement from JPMorgan is ‘several years away’ Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors. The top five lenders in the ranking had a combined wholesale volume of more than $18 billion at the end of the first quarter. Most lenders saw a decrease in volume between the fourth quarter of 2024 and the first quarter of
20 banks with the largest wholesale mortgage volume in Q1 Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors. Market volatility under a second Trump administration was no match for Rocket Companies’ appetite for mergers in the first quarter of the year, as the origination giant inked deals to acquire real estate brokerage Redfin and mega servicer Mr. Cooper. Now comes
Rocket’s deals for Redfin, Mr. Cooper bring new growth and challenges Read More »
How many times a day does a consumer pull out their credit card to pay for gas, groceries, or to buy themselves a sweet treat on their way home? Mortgage lenders hope that putting their company names on credit cards consumers use daily will keep their brands top of mind — and lead to repeat
Why homeownership credit cards are the next trend Read More »
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