Mortgages

The Texas bank will let customers go through the entire process on their phones, at the same time that it emphasizes human service that is not impacted by commissions.

Fannie Mae has selected five organizations to share in a $5 million pilot program aimed at expanding and promoting affordable housing and Black homeownership.

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

The move, which comes with an unspecified number of layoffs, is expected to cost the company $3.8 million to $4.6 million in pretax charges in the second quarter.

The shift opens the door for regional banks to increase their aggregation activities, analysts said.

Federal Reserve Bank of Kansas City President Esther George said the central bank should raise its benchmark interest rate above 5% and hold it there well into 2024 to bring inflation down.

The sleepy Federal Home Loan Bank System is under intense scrutiny as critics push for more oversight and increased affordable housing while supporters say the system works well for member banks.

The 30-year fixed rate surged 15 basis points from a week earlier but ends 2022 at more than twice its mark from a year ago.