NationsBanc Mortgage Corp. and BankAmerica Mortgage became one mortgage company Thursday as a result of the merger of Bank of America and NationsBank.The new company, Bank of America Mortgage, becomes the nation's top mortgage servicer, with more than 2.7 million households and a servicing portfolio of $250 billion. It originates loans in 35 states and the District of Columbia and via three TeleMortgage Centers. (See the Mortgage Data Charts page for more information on top servicers and originators compiled by the Database Products Group, a MortgageWire affiliate.) Bank of America's website address is http://www.bankamerica.com, and NationsBank's is http://www.nationsbank.com.
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Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
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Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
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Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
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The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
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Fannie Mae's latest economic forecast no longer expects mortgage rates to go below 6% next year, and that is affecting its views on loan origination volume.
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Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
10h ago