National Mortgage Professional, Mar. 16, 2023–Keith GriffinSterling Bancorp, based in Michigan, has agreed to plead guilty to securities fraud for filing false securities statements relating to its 2017 initial public …
Category: Top National News
First Republic Bank in Rescue Talks With Biggest U.S. Lenders
Wall Street Journal, Mar. 16, 2023–Multiple Staff (subscription)JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. are in talks to deposit $5 billion of …
New Home Purchase Mortgage Applications Experience Modest Increase
MReport, Mar. 16, 2023–Demetria LesterThe Mortgage Bankers Association Builder Applications Survey for February shows mortgage applications for new home purchases increased just 1.2% compared from a year ago. Compared to …
Mortgage Rates Drop in Wake of Bank Failures
CNN, Mar. 16, 2023–Anna Bahney“Both home-purchase and refinance activity saw gains last week but remain below year-ago levels,” said Bob Broeksmit, CEO of the Mortgage Bankers Association. “Anticipated further rate …
Mortgage Servicing Market Leans More to Whole Loans
Inside Mortgage Finance, Mar. 16, 2023–John BancroftDepository institutions held $3.418 trillion of whole mortgage loans on their books at the end of 2022, a gain of 2.0%. In the slow-moving …
Real Estate Investor Run on Signature Bank Helped Fuel Its Demise
Wall Street Journal, March 15, 2023–Konrad Putzier, Peter Grant (subscription)A rush by New York City real estate investors to yank money out of Signature Bank last week played a significant …
Silicon Valley Bank’s Failure Might Just Spark a Faster Housing Rebound
Business Insider, March 15, 2023–Phil RosenSilicon Valley Bank’s failure might just spark a faster housing reboundhttps://www.businessinsider.com/silicon-valley-bank-failure-housing-rebound-markets-economy-fed-inflation-2023-3
U.S. Retail Sales Point to Underlying Strength in the Economy
Reuters, Mar. 15, 2023–Lucia MutikaniU.S. retail sales fell moderately in February, likely payback after the prior month’s outsized increase, but the underlying momentum remained strong, suggesting the economy continued to …
Greg Frost Sr. Was Industry’s First Billion Dollar Originator
National Mortgage Professional, Mar. 15, 2023–Keith GriffinRenowned mortgage sales and marketing guru Greg Frost Sr. passed away Monday, four days shy of his 74th birthday. His family said Frost had …
Mortgage Demand Rises Despite Volatile Interest Rates
CNBC, Mar. 15, 2023–Diana OlickDemand for mortgages increased for the second straight week, despite some volatility in mortgage rates. Total application volume rose 6.5% last week compared with the previous …