Mortgages

The top five community banks have more than $670 million in combined home equity loan portfolios as of March 31, 2023.

Consumer advocates are protesting specific risk-weighting changes affecting borrowers with lower down payments. Also, a broader increase in requirements may discourage depository holdings of servicing.

There's divergence of opinions between one more rate hike this cycle and no further actions.

The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.

The bank said it would continue to make multifamily loans to current customers that have depository or other bank relationships. The move comes amid rising concerns about the impact of high interest rates on the apartment sector.

A lack of affordable starter homes, increasing homelessness and stubbornly high prices for the homes that already exist have created a pickle that only careful planning and political buy-in can solve.

The Federal Reserve vice chair for supervision said regulators will adapt supervisory practices to account for advancements in machine learning.

But the volume of activity for distressed properties is still lower than the historic norms, Attom Data Solutions said.

Eligible customers would receive a credit of up to $5,000 that can be put toward expenses like closing costs, or used to secure a lower interest rate. It's the latest example of a bank launching a program aimed at extending credit to minority borrowers.

Limiting large-bank access to the system could have an unintended negative impact on smaller banks.

Canada's banking regulator is proposing to make it more costly for lenders to accommodate mortgage borrowers who stretch out their loans in an effort to limit housing-market risks in the financial system.

The $4 billion-asset United Federal Credit Union partnered with the Nevada Housing Division to offer first-time homebuyers access to down-payment assistance.

Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.

A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.

Jennifer Kouchis, chief mortgage banking officer lending for VyStar Credit Union in Jacksonville, has been at the forefront of numerous campaigns to reach overlooked communities, including tailoring products to them.

The Home Loan banks are failing to serve huge numbers of Americans because of their reliance on outdated credit scoring models.

Some pandemic-related gains have been ceded to depositories, national numbers from last year's Home Mortgage Disclosure Act reporting confirm.

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

Between 2004 and 2021, the share of originations under $150,000 has declined by 70%, forcing a growing number of consumers to seek alternative forms of financing instead of getting a mortgage, a Pew Charitable Trusts report found.

The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.