ST. PAUL, Minn. - (10/01/04) -- Affinity Plus FCU said Thursday itis now offering a mortgage that allows members to define the lengthof the loan based on their individual goals and needs. TheAccelerated Mortgage will offer low fixed rates based on the 10yearbond, terms from five-to-seven years, and a flat $999 fee toprocess and close the loan. Fixed rates for terms from five-to-nineyears are 0.25% over the current 10-year bond rates; while loansfrom 10-to-12 years are 0.50% over the 10-year rate. The creditunion has made 321 Accelerated Mortgages worth $34 million sinceintroducing them in April.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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