John Mack, Mary Meeker leaving LendingClub board

The San Francisco-based online lender said that the departures of two prominent board members are not the result of any disagreement with the company.
Source: American Banker

With lawyer as interim CEO, Wells Fargo looks to mend fences with regulators

The bank’s decision to select its general counsel as successor to Tim Sloan, albeit on a temporary basis, focused attention on its frayed relationships with the Federal Reserve and the OCC.
Source: American Banker

FDIC issues reg relief proposals tied to custodial funds, deposit records

The board of the Federal Deposit Insurance Corp. on Friday made several proposals meant to simplify post-crisis rules, prompting opposition from its most recent former chairman.
Source: American Banker

Sloan should not be the last Wells Fargo executive to leave: Waters

The chairwoman of the House Financial Services Committee said Tim Sloan’s resignation as CEO was “long overdue,” but that other executives and directors should be removed as well.
Source: American Banker

Ocwen settles with Massachusetts over alleged "widespread" mortgage servicing issues

Ocwen will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged “widespread” mortgage servicing problems. The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017, which accused Ocwen of charging homeowners for “unnecessary and expensive force-placed insurance policies,” imposing “excessive fees on delinquent borrowers,” and failing to “properly process escrow and insurance payments.”
Source: HousingWire Magazine

Median-priced homes are out of reach for the average Joe in most markets

A median-priced home is too expensive for the average wage earner in 71% of U.S. counties, according to the latest report from ATTOM Data Solutions, highlighting a growing affordability problem that is plaguing the country as home prices continue to rise.
Source: HousingWire Magazine

USB's mobile app, BofA and Wells cool on blockchain, GSEs too big: Top stories of the week

Under the hood of U.S. Bank’s new mobile app; BofA, Wells Fargo sour on blockchain; are Fannie and Freddie too big?; and more from this week’s most-read stories.
Source: American Banker

McMahon to step down as SBA chief to work on Trump campaign

Linda McMahon is planning to step down from leading the Small Business Administration to help raise money for President Donald Trump’s re-election campaign, according to people familiar with the matter.
Source: American Banker

With low margins, strategic marketing is key for lender profits

There’s cause for optimism in the housing market as spring rolls in, with the Fed’s decision to slow interest rate hikes spurring an increase in home sales in February. But as welcome as that rosier view is for everyone in mortgage lending, the competition for homebuyers remains fierce, which puts the onus on mortgage marketing teams to connect with borrowers sooner and more effectively than ever before.  
Source: HousingWire Magazine

Here are the best workplaces in financial services

Fortune and Great Place to Work have released the winners of this year’s award for the best workplaces in financial services, featuring companies both large and small that are known for valuing their employees and championing innovation. Here are the companies operating in the mortgage space that made the cut.
Source: HousingWire Magazine