Financial institutions

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

If banks are unable to weather the economic fallout from the outbreak, calls for more dramatic reforms could get louder.

GreatAmerica Financial in Iowa is looking to form a bank so it can offer more products to small and midsize companies.

Banks may be protected from a direct hit, but they have invested in vehicles that include such loans, potentially exposing them to defaults.

Mortgage companies that borrow heavily to keep their operations running may face financial pressure from coronavirus-related market volatility as it affects the valuations of collateral securing their financing.

An effort by the Federal Housing Finance Agency to examine membership rules for the Federal Home Loan Bank System is reigniting an argument over whether to allow more nonbanks in or impose tougher barriers.

The cancellation by New Residential of a money-losing subservicing agreement should benefit Ocwen's financial results going forward, the company said.

The agency plans to conduct a review of how it regulates the 11 Federal Home Loan banks amid concerns that some companies are inappropriately seeking a back door into the Home Loan Bank System.

The Federal Housing Finance Agency plans to increase liquidity standards for nonbank conforming loan servicers, and at the same time raise the net worth requirements for those that also perform the function for Ginnie Mae.