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After a rapid single-week surge, mortgage rates leveled off, allowing lenders and borrowers to take a breath from the volatility induced by recent political and economic news. The 30-year fixed-rate mortgage averaged 6.81% on April 24, according to Freddie Mac's Primary Mortgage Market Survey. The average nudged downward after it surged more than 20 basis points a week earlier to land at 6.83%. The current rate is also under the 7.17% recorded a year ago.At the same time, the 15-year fixed average also headed in reverse  after a sudden spike, dropping 9 basis points to 5.94% from the previous week's 6.03%. In the same week of 2024, the average was 50 basis points higher at 6.44%. Despite the recent sudden acceleration, "over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points," noted Freddie Mac Chief Economist Sam Khater in a press release. The numbers, though, belie much of the volatility that has occurred since February, with significant up-and-down market swings impacting mortgage rates, sometimes within the same week. Constantly evolving tariff policies and potential monetary policy moves, including the suggested termination of Federal Reserve Chair Jerome Powell, drove much of the past week's movements. "Headlines rather than economic data have been the dominant drivers of day-to-day volatility in the stock, bond and mortgage markets," said Kara Ng, senior economist at Zillow Home Loans in a statement issued Wednesday evening. This week's 30-year rate settled at its mark after Treasury yields dropped from earlier in the week. The 10-year Treasury, which influences the direction of mortgage rates, stood at 4.34% as of noon Thursday, 5 basis points below its close of 4.39% the previous day. One week ago, the 10-year yield closed at 4.33% on Apr. 17, just off its current mark. In the subsequent seven days, though, yields fluctuated from 4.28% to 4.43%, with tariffs and President Trump's remarks resulting in increased volatility.  "The economic situation is rapidly evolving, making it hard to predict the direction of mortgage rates with any conviction," Ng continued.Earlier this month average mortgage rates hit a two-month low, shortly after 10-year Treasurys briefly closed below 4%. The quick upward movement since then has made a noticeable dent on borrowing, according to the Mortgage Bankers Association. MBA reported loan applications fell last week by close to 13% from earlier in the month, with declines in both purchases and refinances. The dip occurred after the 30-year rate among the trade group's members accelerated by close to 30 basis points over two weeks. "Many potential borrowers will likely stay on the sidelines until they have a better idea of the direction that rates, and the economy, are headed," MBA President and CEO Bob Broeksmit said in a statement on Thursday. The association recently forecasted that mortgage rates would average 7% over the current quarter. Signs of the unpredictable state facing mortgage lenders were evident in other rate indicators on Thursday. While Freddie Mac saw the 30-year average declining, Zillow reported the rate at 7.02% on Thursday morning, 5 basis points higher from the mean of 6.97% at the end of last week.Product pricing engine Optimal Blue, meanwhile, also published a higher average 30-year conforming rate. The average of 6.82% on Wednesday was 5 basis points above its 6.77% mark seven days earlier.Likewise, Lender Price reported a 6.91% average for the 30-year fixed, with the rate also rising 5 basis points from a week earlier when it sat at 6.86%.

Stable interest rates during March contributed to improved housing affordability, as buyers had to come up with 1.4% in their monthly principal and interest payment versus February, the Mortgage Bankers Association found.In March, the national median payment fell to $2,173 compared with $2,205 for the prior two months, which had been the highest level since last October. The Purchase Application Payment Index declined to 164.1 for March compared with 166.5 one month earlier.For March 2024, the median payment was $2,201 and the PAPI was 174.2. Why March's mortgage rates matteredWith the conforming 30-year fixed rate mortgage spending the month between 6.6% and 6.7% (according to Freddie Mac), the increased affordability drove home sale activity, said Edward Seiler, the MBA's associate vice president, housing economics, and the executive director of the Research Institute for Housing America, in a press release.But so far in April, after an initial bump from President Trump's tariff announcement, the 10-year Treasury has generally been on the upswing, and the spread between it and mortgage rates has been widening. It was at 242 basis points as of April 22, a gain of 13 basis points over a four-week period, according to Optimal Blue.Some rate data providers have reported the 30-year FRM flirting with or even going above the 7% mark. This includes Zillow's rate tracker, which has the 30-year FRM at 7.02% on Thursday morning.How economic uncertainty impacts affordabilityEscalating rates, of course, aren't good for home sales activity in the near term."Despite improving conditions in March, the outlook in the upcoming months is cloudier," Seiler said. "Ongoing affordability concerns, declining consumer confidence, and volatility in the financial markets could all put downward pressure on homebuyer demand."March's national median mortgage payment for conventional loan applicants was $2,200, down from $2,226 in February and $2,222 in March 2024. For consumers taking out Federal Housing Administration loans, it was $1,872 for March, versus $1,907 the prior month and $1,898 one year ago.The million-dollar entry-level homeMeanwhile, rising home prices have increased the number of cities where a starter home costs over $1 million to 233, compared with 85 five years ago, Zillow said. At the start of this year, 239 cities had starter prices over $1 million.Most of those high-priced pockets are in California (113 cities). The New York City metro area (including parts of New Jersey and Pennsylvania) has the highest concentration of municipalities where starter homes are priced over $1 million at 48. San Francisco and Los Angeles follow at 43 and 34 respectively.The nationwide average is a mere $192,514."First-time buyers are facing a market where prices that once seemed unimaginable have become reality," said Kara Ng, senior economist at Zillow.The good news is, Ng said, "With more homes hitting the market, listings lingering longer, and sellers cutting prices at record rates, buyers are starting to regain some negotiating power."

Sales of previously owned US homes fell in March by the most since 2022 as buyers remained constrained by high mortgage rates and prices.Contract closings decreased 5.9% last month to an annualized rate of 4.02 million, the weakest March since 2009, according to National Association of Realtors figures released Thursday. That was below most estimates in a Bloomberg survey of economists.The median sales price increased 2.7% from a year ago to $403,700, a record for the month of March and extending a run of year-over-year price gains dating back to mid-2023. Home ownership continues to be out of reach for many Americans amid one of the least affordable housing markets on record between rising prices and mortgage rates approaching 7%. Looking forward, the outlook is grim with tariffs poised to not only raise the cost of furniture and construction, but also add further stress to financially strained consumers.The gain in prices largely reflected more sales activity for homes priced above $1 million, NAR Chief Economist Lawrence Yun said on a call with reporters. However, he also noted that the size of the increase was relatively mild compared to wage growth.More broadly, prices are rising even as more inventory comes onto the market from depressed levels. The supply of previously owned homes jumped 19.8% from a year ago to 1.33 million, the most for any March since 2020.The National Association of Home Builders estimates tariffs will boost the cost on contractors by $10,900 per home — and said most of its members are already seeing suppliers raise prices. While that would impact mostly new construction and renovations, it could increase demand for existing homes and therefore make them more expensive.Existing-home sales account for the majority of the US total and are calculated when a contract closes. Government data Wednesday showed that new-home sales jumped last month as the South recovered from bad weather earlier in the year.

AI-powered home lender Better Home & Finance Holding Company (Better.com) is partnering with small business financier Biz2Credit to offer its customers access to up to $500,000 in home equity financing options.Biz2Credit's customer base of small business owners will be given the option to tap into anywhere from $50,000 to $500,000 in financing through Better.com's Home Equity Line of Credit and Home Equity Loan products. Vishal Garg, CEO of Better.com, said traditionally many small businesses have started by leveraging the small business owners' home equity but fewer financial institutions offer those products today."After the global financial crisis, HELOCs became much, much more difficult to get. Most of the banking system retreated from the second lien home equity product, and most have yet to re-enter," Garg told American Banker. "There's a whole generation of small business owners that don't know that rather than getting a high interest rate personal installment loan – which can have APRs of upwards of 14 to 15% – or merchant cash advance which are more like 36% – they can leverage their home equity to help fund their business, help start a business or help their business ride out a rough patch. We want to enable that to happen really seamlessly."Current Biz2Credit customers will be offered a $250 price concession if funding a HELOC or home equity loan through the company's partnership with Better.com. Garg said in an interview that around 20% of Better.com's customer base is either self-employed or owns a small business, which made the partnership an obvious fit.Rohit Arora, CEO and co-founder of Biz2Credit, agreed."Small businesses are a critical component of the U.S. economy. Business owners and aspiring founders need the flexibility to obtain capital conveniently," Arora said. "Our partnership with Better.com gives entrepreneurs a unique opportunity to obtain additional financing from Better, secured with their real estate assets. We are glad to partner with companies like Better.com that share our vision of using data and AI to make financing easier to access."Better.com is a leading player in AI-powered mortgages and was the first fintech to fund more than $100 billion worth of mortgage value. The company's proprietary "Tinman" artificial intelligence loan origination product gives prospective borrowers rate options within seconds of applying and pre-approval within minutes.Garg said tailored underwriting criteria has led to Better.com growing by more than 400% last year. The company operates a marketplace for people seeking home equity financing that has a range of lenders."If you're a small business owner with a high debt-to-income ratio because you're investing in your business, but you have a decent chunk of equity in your home, you're going to get approved, and you're going to get a rate that's cheaper than an installment loan or merchant cash advance," Garg said. "That's going to enable you to invest in your business. Our AI engine Tinman takes the customers attributes and the property's attributes and instantly matches it with the investors underwriting criteria and enables a decision in five minutes and a committed loan decision within eight hours. After that, you're fully done, and you know you have your money within the same day that you're making your application."

The top five residential servicers in the list had a combined unpaid principal balance of more than $23 billion at the end of the fourth quarter of 2024. Most lenders in the ranking saw an increase between Q3 2024 and Q4 2024, with Arvest Bank seeing the largest increase at 67.29%.  Among the top 20 residential servicers, the average change in unpaid principal balance between Q3 and Q4 was 16.94%. The data in this ranking came from National Mortgage News' MortgageStats site, which pulls information from quarterly call reports available from the Federal Financial Institutions Examination Council.Scroll through to see which lenders were in the top 20 through the end of December 2024. Rank Company Q4 unpaidprincipal balance Q3 unpaidprincipal balance Percentchange 20 Cadence Bank $136,000,000 $138,000,000 -1.45% 19 HSBC $157,000,000 $155,000,000 1.29% 18 Arvest Bank $179,000,000 $107,000,000 67.29% 17 First Citizens Bank $200,000,000 $151,000,000 32.45% 16 First United Bank and Trust Company $211,000,000 $207,000,000 1.93% 15 TD Bank $212,000,000 $136,000,000 55.88% 14 NexBank $215,000,000 $192,000,000 11.98% 13 Barrington Bank & Trust $229,000,000 $214,000,000 7.01% 12 FirstBank of Colorado $235,000,000 $207,000,000 13.53% 11 Fifth Third Bank $285,000,000 $257,000,000 10.89% 10 Regions Bank $375,000,000 $300,000,000 25.00% 9 Huntington National Bank $476,000,000 $435,000,000 9.43% 8 Citibank $802,000,000 $846,000,000 -5.20% 7 Citizens Bank $815,000,000 $561,000,000 45.28% 6 PNC Bank $893,000,000 $841,000,000 6.18% 5 Bank of America $1,451,000,000 $1,426,000,000 1.75% 4 Truist Bank $1,842,000,000 $1,697,000,000 8.54% 3 JPMorgan Chase $2,421,000,000 $1,835,000,000 31.93% 2 Wells Fargo $8,528,000,000 $8,497,000,000 0.36% 1 U.S. Bank $8,984,000,000 $7,830,000,000 14.74%

Real estate agents see a promising start to spring buying season, but whether it favors buyers or sellers is up for debate. March sales activity in the U.S. increased from the same month one year ago, according to The Real Brokerage's transaction growth index with the score improving to 50.8 from 49.4 in February. A reading above 50 indicates higher sales. Overall, 45% of all agents from both the U.S. and Canada said spring started stronger than they anticipated, with 29% indicating it was in line with expectations. Another 26% reported weaker-than-hoped-for activity. Real's findings of agent sentiment was unchanged from February but remained close to its highest monthly mark since data was first published in early 2024. Forty-six percent expressed general optimism about the housing market over the next 12 months, while another 23% were significantly more enthusiastic. Only 9% felt increased pessimism, and sentiment was unchanged among the remaining 22%. "While tariffs and fiscal policy have dominated headlines, our agents on the ground are seeing signs that the housing recovery may be more resilient than expected," said Real Chairman and CEO Tamir Poleg, in a press release.Yet, the spike in March activity might not portend a drawn-out trend if it is ultimately the result of tariff worries causing buyers to act sooner rather than later. Economic uncertainty guiding buyer behaviorThe threat of tariffs and economic contraction are already creeping into decision-making, with 25% of agents in Real's survey noticing a "significant" effect on clients, who are pausing, accelerating or otherwise changing buying or selling plans. Over half, or 52%, reported a more moderate change in behavior, as they field more questions.   Close to half, or 48%, cited affordability as the biggest obstacle for buyers in March, with 21% reporting economic uncertainty. The latter share has more than doubled since January.Home buyers are more price sensitive, agents reported. Thirty-seven percent said customers were requesting seller concessions, while more than one-third, or 34%, also found clients were reducing budgets. The share of respondents rating it a better market for buyers surpassed the percentage favoring sellers for the first time in survey history last month. More than one-third, or 35% expressed the former view in March, with 32% maintained sellers had the upper hand. "This spring, we're seeing a clear shift: buyers now have more negotiating power, and sellers are showing increased flexibility on pricing and concessions," said Real President Sharran Srivatsaa. "It's a reflection of how both sides are adjusting to current market conditions after a period of historically low transaction activity."Real's findings contrasted with a recent survey of likely American home sellers by Realtor.com, which found a clear majority expecting they wouldn't need to offer concessions, such as repair or closing cost assistance, this year. Real's research was conducted later, though, during a period of noticeable stock market volatility following President Trump's tariff announcements. Both surveys showed an uptick in expected sales trends, however.Landing squarely on Real's side was Redfin, whose first-quarter analysis also found the market shifting to buyers. Redfin's research, which covered the entire period from January to March, determined over 44.4% of sellers offering in the first three months of 2025. The number was up from 39.3% one year earlier.

Trade groups are responding to Congress' budget reconciliation and a housing regulator's call for innovative product ideas with reasons to tread lightly and potentially even roll back guarantee fees.G-fees or loan-level price adjustments that two influential government-sponsored enterprises charge when they buy mortgages from lenders have historically been among methods legislators have used to generate revenue and reduce deficits.But Treasury Secretary Scott Bessent, Federal Housing Finance Agency Director Bill Pulte and President Trump all generally want long-term interest rates to fall, so they also have cause to avoid hiking government-related loan fees or even considering cutting them.How g-fee hikes could affect borrowing costsThe Community Home Lenders of America warned Congress of the negative impact higher g-fees could have on rates Tuesday and the same day, the National Association of Mortgage Brokers suggested relief in this area to Pulte in response to his call for feedback on X.CHLA Executive Director Scott Olson called increasing government-related loan fees a potential "step backwards" in efforts to improve U.S. housing while NAMB President Jim Nabors recommended the removal of higher ones on certain loan types to bolster affordability.Nabors seeks an end to LLPAs on second home and investor loans, calling these a disincentive to "responsible buyers from purchasing second homes that may serve as future retirement residences, multigenerational living spaces or steppingstones to long-term wealth creation."Whether current public officials will be responsive to such suggestions remains to be seen given that they are pulled in both directions when it comes to motivations to increase, maintain or cut the charges they add to loans.Why officials could still consider raising g-fees"There is significant risk that g-fees will be increased under Trump II for one of several possible reasons, thereby raising mortgage rates," Former Freddie Mac CEO Don Layton said in a blog he wrote earlier this year.Layton said Congress could look to offset planned tax cuts by adding to what's currently a 0.10% tax on g-fees charged yearly and collected with them, but legislators also would have to consider its impact on the cost of housing President Trump has said he wants to lower. Olson calls for a repeal of this fee in his letter to legislators, saying that doing so would effectively be a "tax cut on homeownership.""There is an argument that has more of a negative impact on the homeownership than it has on helping bring down the cost of the tax bills," he said in an interview.Home affordability is something officials will have to consider both when it comes to Olson's recommendation and the NAMB's interest in removing price disincentives on second home and investor loans, which businesses and working families that are Trump constituents support.However, Layton also notes that officials will consider that "there has long been a push for small-government conservatives and many Republican members of Congress to 'shrink the footprint' of the GSEs," potentially leading to the end of GSE purchases of them altogether.Why less onerous prices, terms may align with new product goalsWhile some constituencies want a smaller GSE footprint, others like Pulte have called for ideas for "new programs and products." That presents an opportunity for the industry to argue for expanding homeownership rather than engaging in actions that could cause it to contract.The NAMB's suggestions for doing this could go beyond simply lowering rates through adjustments to pricing mechanisms, Nabors said.In addition to suggesting the removal of LLPAs for second home and investor loans, Nabors' letter calls for reducing a 12-month restriction on cash out refinancing Fannie Mae and Freddie Mac added in 2023 to a half year."A lot of people are using cashout refinances to consolidate their bills, which lowers their debt ratios, leading to a greater probability that they're going to be able to make their monthly mortgage payments," he said in an interview, explaining how this supports home affordability.Nabors also would like to see the GSEs reverse an earlier lowering of the area median income limit to 80% from 100% for low-downpayment loans to make homeownership affordable to more borrowers.Suggesting FHFA intervention in credit reporting costsAnother way to boost affordability would be for their regulator to look at how its requirements for credit reporting and scoring impact costs, Nabors said. The GSEs have found ways to use alternative methods to lower some appraisal expenses by allowing alternatives like waivers when considered practical given safety and soundness considerations, and Nabors thinks it's worth exploring whether there's an equivalent for credit.Efforts that could reduce ancillary borrower loan costs that come into play at closing are another affordability concern with constituency conflicts.Previous FHFA efforts to reduce such expenses "naturally led to strong opposition and lobbying from business interests," Layton noted in his blog. "It is simply unclear how Trump II will balance its business orientation with its commitment to working families."

In a trend unlikely to continue into April, mortgage prepayment activity increased 30% during March, to its highest level since November, the ICE Mortgage Technology First Look report said.The 59 basis point prepay rate compared with 46 basis points in February and 48 basis points for March 2024.The 30-year fixed was in a tight range for much of March between 6.6% and 6.7%, its lowest levels since October, according to Freddie Mac.However, following President Trump's tariff announcement on April 2, bond yields spiked, pushing mortgage rates close to — and according to some sources, even above — the 7% mark in the days that followed. The March rate drop was one of the reasons Mr. Cooper had to take a $82 million write-down to the value of its mortgage servicing rights in the first quarter.In its direct-to-consumer channel, almost half of its production was cash-out refis, while another 14% were for rate-and-term loans. The 20% purchase share likely included buyers paying off the mortgage on their previous home.Pennymac Financial Services took an almost $99 million charge to its earnings on the MSR valuation.How many borrowers actually qualify for a refi?In a separate study, Ardley disputes the commonly cited number of 6% of current mortgage borrowers with rates over 6.5% qualifying for a rate and term refi. Ardley found that just 1.48% actually are eligible as of the end of the first quarter.If rates fall 25 basis points from end of first quarter levels, the refinancable population grows to 1.99%, and a 50 basis point drop, the pool grows to 2.69%, both still short of that 6% figure."There's a big difference between theoretical eligibility and actual qualification," said Nathan Den Herder, CEO of Ardley Technologies, in a press release. "Media coverage often zeroes in on rate thresholds, but real qualification depends on second liens, credit profiles, [net tangible benefit] calculations, and other nuances."Rate-and-term loan applications submitted in March made up 88% of the first quarter total in this product. For cash out refis, 81% of the application volume was in March, further supporting ICE's data on prepayment speeds for that month.Delinquencies drop to 10-month low—but not everywhereMeanwhile, the total delinquency rate for March was 3.21%, down 32 basis points from February, and up by 1 basis point from a year ago, ICE Mortgage reported. This is the lowest the rate has been since last May when it was 3.04%.But several states impacted by natural disasters like hurricanes and wildfires recorded increases in year-over-year delinquency rates, led by Florida (up 44 basis points), South Carolina (17 basis points), Georgia (14 basis points) and California (10 basis points).FHA delinquencies surge, driving foreclosure activity upThe number of loans which are seriously delinquent (90 days or more late on the scheduled monthly payment, but not yet in foreclosure) fell by 33,000 between February and March but increased by 60,000 from March 2024 to 495,000.But this is a 40,000 increase from one year ago, driven entirely by the annual increase in Federal Housing Administration serious delinquencies, which were up 63% compared with March 2024, ICE said.As a result of the increase in loans 90 days or more late, along with the lifting of a foreclosure moratorium on Veterans Affairs-guaranteed mortgages, fueled a modest bump in foreclosure inventory and sales, which both rose annually for the first time in nearly two years.Foreclosure sales increased 4.4% compared with March 2024 to 6,100 units, while the presale inventory added 7,000 loans over the 12-month period to bring the total to 213,000.

While they already face pressure from consumer affordability constraints, the disruption caused by tariffs have some homebuilders making plans to raise prices later this year.Builders were profitable to start the year, but common themes emerging from the largest publicly held companies in their recent earnings reports centered on the likely impact of tariffs. While they had minimal effect on 2025 figures so far, some businesses are basing much of their late-year strategy around the rising cost of imports.  If tariffs weren't in the conversation, affordability was, as buyers confront ongoing challenges in finding homes at prices levels they can manage. For the most part, the largest residential construction companies reporting in the past few weeks noted affordability applying greater pressure to their bottom lines, but all posted profits between January and March.The new-home segment remained a bright spot throughout much of 2024, as buyers encountered scarce existing-home inventory. While softness on the homebuilding side of businesses meant profits failed to keep pace on a year-over-year basis, activity at their mortgage lending affiliates offset some of the effect. Following are some highlights of homebuilder earnings announcements. 

Sen. Dick Durbin, D-Ill. Bloomberg News WASHINGTON — Sen. Dick Durbin, D-Ill., the second-highest-ranking Democrat in the Senate and a fixture of Capitol Hill since the early 1980s, announced Tuesday he will not seek reelection in 2026, closing out a legislative career that has profoundly shaped consumer finance law and Democratic policy priorities.Durbin, 80, has long used his perch on the Senate Judiciary Committee and in Democratic leadership to champion progressive causes. But he may be best remembered within financial policy circles for his efforts to overhaul the payment card industry — first with the Durbin Amendment, a controversial provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and more recently through the Credit Card Competition Act, a bill he's pushed for years to promote competitive alternatives in credit card processing.The bill would require banks with more than $100 billion in assets to offer retailers the choice between two unaffiliated card networks, one of which cannot be Visa or Mastercard. "By forcing Visa and Mastercard to actually compete for merchants' business, we're aiming to end the cycle of increasing interchange fees that's breaking the backs of small businesses," Durbin said on the Senate floor last year. "And as you can imagine, Visa, Mastercard, and their big bank partners don't like our bill."The legislation has indeed faced consistent criticism from bank and payments groups. Despite that pushback, Durbin managed to attach a number of bipartisan cosponsors, particularly his main Republican counterpart on the bill, Sen. Roger Marshall of Kansas. The CCCA has lingered in Congress for years and picked up bipartisan cosponsors, including now-Vice President JD Vance when he was a Republican senator from Ohio. Durbin was expected to reintroduce the bill this Congress, but has not yet done so. The legislation hasn't made any gains for months, however, despite multiple opportunities to attach it to must-pass funding bills last year. It did receive a contentious hearing last year, during which there appeared to be some bipartisan support for the legislation, especially from the more populist wing of the Republican party. Even lawmakers like Sen. Thom Tillis, R-N.C., who is traditionally friendly toward the banking industry, emphasized the need to revisit swipe fees. But he added that this specific legislation would not be the best way to remedy the situation."We have a problem here," Tillis said at the hearing. "You've got a Congress and a half to solve this problem, in my estimation. Get in a room and solve it."Durbin's lasting legacy may be the so-called Durbin Amendment to the Dodd-Frank Act, which capped interchange fees on debit cards. The amendment was meant to reduce the fees that consumers pay at the point of purchase, but was criticized by banks because they said it would force them to cover costs of checking services elsewhere. Credit card usage spiked over the years after the law was passed and implemented as banks incentivized their usage over debit cards with user reward programs, and critics have said the law has resulted in higher consumer fees.Durbin's retirement sets off a rare competitive race in Illinois, a solidly blue state, and in Democratic senior leadership. His departure will also represent a generational shift in Congress, as a number of older senators who've dominated the upper chamber for decades announce that they are stepping down, making way for younger politicians. "The decision of whether to run for re-election has not been easy," Durbin said in a video announcing his retirement. "I truly love the job of being a United States senator. But in my heart, I know it's time to pass the torch."Sen. Brian Schatz, D-Hawaii, 52, and a former member of the Senate Banking Committee, is widely seen as a successor to Democratic leadership after Durbin's departure.