First American Financial Corp. announced Monday an agreement to acquire subservicer ServiceMac, which it anticipates closing at the end of 2021. First American Financial, which provides title insurance, settlement services and risk solutions for real estate transactions, has acquired a minority interest in ServiceMac’s parent company and that interest will convert into equity of ServiceMac […]
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Entries by Lindsay
Spence’s promotion to president could signal that the Cincinnati banking company is grooming him as a potential successor to Chairman and CEO Greg Carmichael. Source: American Banker
Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter. Source: American Banker
HousingWire recently spoke with MCS CEO Caroline Reeves about self-service technology, the shift to virtual events and how servicers can prepare for post-COVID success by improving processes today. HousingWire: What role has technology played in servicers’ ability to react to COVID-19? Caroline Reeves: Technology has always been critical in our industry. Most recently, we […]
The Iowa company said it will pursue a two-step acquisition to address unspecified issues raised by the Federal Reserve as part of its review of the acquisition. Source: American Banker
The U.S. forbearance rate measuring the share of mortgages with suspended payments fell slightly to 5.9% last week, according to the Mortgage Bankers Association. Though the rate fell 2 basis points, the decline has begun to slow after two weeks of what MBA’s chief economist Mike Fratantoni called “a flurry of borrowers” exiting as they reached the six-month […]
Jay Williamson will take over at the Sierra Vista, Ariz.-based institution after Brian Barkdull retires. Source: American Banker
On Monday, Townstone Financial Inc., a Chicago-based nonbank retail mortgage lender, filed a motion to dismiss a lawsuit the Consumer Financial Protection Bureau filed against the company in July. The July 15 complaint alleged that Townstone violated the Equal Credit Opportunity Act (ECOA) and Regulation B by engaging in discriminatory mortgage-lending practices and that those […]
Speculation is part of the reason for the growing differential in market capitalization between legacy financial institutions and upstarts. But one venture capitalist says it’s “a call to action” for traditional banks to match fintechs’ all-digital, customer-friendly services. Source: American Banker
The Paycheck Protection Program and encouraging digital innovation are top priorities for James Edwards, CEO of United Bank in Georgia. He also expects the American Bankers Association to promote diversity and regulatory reform in the next year. Source: American Banker
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