Mortgage niche showed promise for Michigan bank. Then coronavirus hit.


University Bancorp decided to shutter its wholesale mortgage lending business after it struggled to hire and train employees remotely.


California bill to pause foreclosures, repos draws fire from lenders


A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.


How businesses are surviving the pandemic


Our second monthly survey found a smooth transition to remote work and digital customer access channels — but technology issues still arose. The pandemic has highlighted the importance of having a strong digital presence across all retail sectors, including financial services.


How banks are using remote notarization now that states have signed on


Closing loans is just one way BMO Harris and other banks are looking to use online notarization. But there are obstacles to overcome before it becomes standard practice.


Banks tore up digital scripts once pandemic hit


U.S. Bancorp, Wells Fargo, WSFS and others were already deeply engaged in digital transformations before the coronavirus crisis led them to pivot — quickly.


CFPB, other agencies post website for consumers seeking housing relief


The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.


CFPB gets earful from consumers about mortgage servicers


Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronvavirus relief law.


Bankers forced to play guessing game as loan deferrals mount


Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses.


U.S. household debt hit yet another record in 1Q, despite pandemic


A surge in demand for home loans drove the increase, but the second quarter could see a slowdown in borrowing and more delinquencies as consumers contend with the economic fallout of the coronavirus pandemic.


Cash-out refis dry up as price hikes prove too costly


Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance.