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MortgageDaily.com - Mortgage News Headlines

    SunTrust Mortg Earnings, Lending and Servicing Down
    Although company-wide earnings ascended at SunTrust Banks Inc. -- mortgage income, originations and third-party servicing were all down on a quarterly basis.

    First-quarter 2018 earnings data indicate SunTrust earned $792 million before the provision for income taxes during the three months ended March 31.

    Income at the Atlanta-based bank-holding company improved form $629 billion in the same three months during 2017 and $668 million in the prior three-month period.

    Mortgage Refi Activity Jumps
    A week-over-week decline in new purchase-money activity was more than offset by an increase in refinance business. But the year-over-year tumble in purchases more than offset the surge in refinances.

    During the week that concluded on April 20, the U.S. Mortgage Market Index from Mortgage Daily was virtually unchanged from the preceding seven-day period. No seasonal adjustments are made to the index.

    However, the index, an indicator of upcoming residential loan originations based on average per-user rate locks by customers of OpenClose, has descended 12 percent compared to the same week last year.

    $1 Billion Wells Settlement Finalized
    First the president tweeted it. Then the company warned about it. Now it is official: Wells Fargo & Co. has agreed to a $1 billion settlement with federal regulators.

    In December, President Donald Trump posted a tweet indicating that contrary to press reports, fines and penalties against Wells for recent scandals would be pursued and possibly increased substantially.

    Trump was referring to regulatory actions to be taken against the San Francisco-based company for charging borrowers rate-lock extension fees even though loan delays were not the fault of its customers.

    Data Breach at SunTrust
    Data on more than a million customers of SunTrust Banks Inc. has been stolen. The heist was an inside job.

    Atlanta-based SunTrust said on Friday that it is offering all of its existing and new consumer customers identity protection at no cost on an ongoing basis.

    Clients who sign up for the service will be provided with Experian IDnotify, according to SunTrust, which "cares deeply about the privacy and security of client information."

    Chase DC Expansion Includes Mortgages
    A planned expansion in the Washington, D.C., area by JPMorgan Chase & Co. will bring thousands of new jobs, including mortgage positions, to the region.

    The New York-based financial institution announced the planned expansion into the Maryland-Washington, D.C.-Virginia area on Thursday.

    With the additional branches and employees, Chase plans to commit $4 billion for regional home and small business lending and increase its lending for affordable rental housing.