The average annual cash bonus fell 2% to $176,500 in 2023, the lowest since 2019. The drop was far less dramatic than it was in 2022, when the average bonus slumped 25%.

The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.

Bank mergers and acquisitions have slowed in recent years amid recession fears and other economic uncertainties. But bank consolidation is a century-old trend that's expected to rev up again as early as this year due to higher costs, tougher regulation and fierce competition.

The community development financial institution was the nation's top non-qualified mortgage lender last year, according to one ranking.

The head of the U.S. Department of Housing and Urban Development under the Biden Administration said she will transition from public life starting March 22.

Rocket shrunk its workforce by about 20% year-over-year, while Academy cut 250 employees prior to being acquired by Guild Mortgage.

Rep. Maxine Waters, ranking member of the House Financial Services Committee, led the letter, spurred by the recent merger announcement between Capital One and Discover, which the letter said would enable the merged company "to influence multiple points of the marketplace."

The lender had previously revealed that personally identifying information from 16.6M customers had leaked, but hadn't offered these details.

The lawmakers, led by Sen. Elizabeth Warren, D-Mass., said the deal would further anti-consumer bank consolidation, but also criticized the OCC's proposed changes to the merger process, asking that they be strengthened.

A financial services veteran, Peter Akwaboah joins the government-sponsored enterprise after serving as a managing director for Morgan Stanley, where he led technology and innovation strategy.

The USDA forecasted farm profits will plunge 26% this year, potentially creating credit quality challenges for lenders.

The blockbuster merger proposal will be reviewed at a time when the Biden administration is expressing skepticism about consolidation. Its analysis will have to account for markets dominated by both big banks and the likes of Visa and Mastercard.

Barclays is planning to hand dozens of investment bankers no bonus as the slowdown in dealmaking forces it to cut payouts for a larger-than-usual group of its lowest performers. 

A regulator claims Freedom Mortgage's bad data in 2020 violated a consent order the company signed a year earlier for intentional misrepresentations.

The deal involving Southern California Bancorp and California BanCorp, expected to close in the third quarter, would form a $4.6 billion-asset lender with a footprint spanning San Diego, Greater Los Angeles and the San Francisco Bay Area.

16.6 million former and current Loandepot customers had their data leaked, the lender and servicer announced Monday.

Low refinance volume creates a "relative disadvantage" for Rocket, which historically had a much larger share of that market versus purchase, a note by Bose George, analyst at Keefe, Bruyette & Woods, said.

Banks began marketing the loan, which funded a 47% stake purchase in Everise in early November. But the sale for the B3 rated debt struggled and dragged on for over a month. 

Left-leaning shareholder groups are asking JPMorgan Chase, Goldman Sachs and other large asset managers to explain a recent decline in their support for certain environmental and social policies at public companies.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.