Mortgages

Bank of America is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps.

The best-performing banks' revenue rose at nearly twice the rate of expenses thanks to mortgage refinancing and the Paycheck Protection Program.

Most of the activity covered vacant and abandoned properties or commercial loans, according to Attom Data Solutions.

The move formalizes the use of the Rocket Mortgage moniker, which has been a major part of the company’s branding since 2016.

The reduction in debt during the first quarter was the second largest on record, according to a new report by the New York Fed. Government stimulus payments and continuing limitations on travel and entertainment spending are key factors.

Minority-led community development entities often lose out in getting NMTC support. They know best which investments will have the greatest impact on communities of color.

Less than two years after shutting down its biggest business amid fraud allegations, the Michigan company has sold branches, settled a shareholder lawsuit and returned to profitability under turnaround specialist Thomas O’Brien.

Fannie and Freddie's regulator says the companies must comply with the new Qualified Mortgage standard by the summer, while the Consumer Financial Protection Bureau has extended the deadline to 2022. The conflicting timetables have stoked uncertainty in the market.

The nation’s largest mortgage lender plans to use a new partnership with the financial technology company AutoFi to sell more cars to its home loan customers.

Reviving a long-dormant loan guarantee program could go a long way toward restocking the supply of starter homes and helping households of modest means create wealth.

On Dec. 31, 2020. Dollars in thousands.

Kerry Killinger, former CEO of Washington Mutual, says the asset bubbles and increased consumer debt that contributed to his company's failure are reappearing.

Federal Reserve Chair Jerome Powell is dismissing claims that loose monetary policy has led to rising home values and shrinking inventory and insists that the market is buoyed by creditworthy borrowers and investors.

The Consumer Financial Protection Bureau has moved ahead with an earlier proposal to postpone the full adoption of the qualified-mortgage ability-to-repay rule, citing a need to maximize borrowers' credit access.

It would be available to homeowners making 80% or less of their area’s median income who weren't eligible to tap into low rates last year.

The investment, tied to PNC's deal to acquire BBVA USA, was always going to be large but seemed to grow as CEO Bill Demchak got intimately involved in the discussions and the needs of communities and businesses hit hard by the coronavirus pandemic became more apparent.

The Dallas company will pay nearly $54 million for a 49% stake in a lender that operates in 10 states.

The end of the refinancing boom and impending rise in rates are not the only challenges lenders face. As one observer put it, they "can't make loans on homes that don't exist."

At first the deal seemed an unlikely marriage of two mortgage-heavy companies. But acquiring the Michigan company would help New York Community accomplish its two chief goals — reducing deposit costs and its concentration of multifamily loans — while giving it the scale to pursue more deals.

The lender will expand certain mortgage products, like its HomeRun program, which requires lower down payments and removes mortgage-insurance requirements for lower-income borrowers.