Tag Archives: U.S. Bancorp

The Justice Department announced that U.S. Bank has agreed to a $200 million settlement on claims it underwrote FHA-insured loans that did not meet eligibility requirements. U.S. Bank also admitted that its quality control program fell short of FHA requirements. Consequently, the bank failed to identify shortcomings in many of the loans it had certified for FHA insurance.

U.S. Bancorp announced the promotion of P.W. Bill Parker to the position of vice chairman and chief risk officer.

Customer satisfaction with mortgage loan originators reached a seven-year high this year with Quicken Loans earning the highest ranking for the fourth year in a row, according to the J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study. Five originators earned scores above the industry average. Topping the list was Quicken Loans with a score of 841 out of 1000. The remaining four lenders to outrank the industry average are BB&T (798), U.S. Bank (783), PNC Mortgage (778), and Chase (773).

Mortgage origination volume continued to climb in 2012, according to data from Mortgage Daily's 2012 Mortgage Lender Ranking. According to data collected from surveys, earnings filings, and other public disclosures, loan volume across all lending firms grew 30 percent annually in 2012. In the fourth quarter alone, Mortgage Daily reports residential originations coming in around 3 percent above third-quarter volume. Year-over-year, Q4 saw mortgage production grow 17 percent.

The Mortgage Bankers Association (MBA) has assembled a GSE Single Family Task Force to revisit the association's 2009 proposal for the future of the secondary market and to further discourse on this topic. The task force will work in two phases. First, they will review the 2009 position and determine potential issues during a transition. Next, they will put together a "roadmap" for the transition.

Freddie Mac may ramp up repurchase demands with intentions to begin including mortgage loans made in 2004 and 2005 in its repurchase reviews.