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.