By ERIN FLYNN JAY
Homeownership rates for Black Americans are lagging and leaders in some cities are taking action to turn that around.
According to a report released by the National Association of Realtors last month, minority groups saw increased homeownership rates in 2022. While Asian and Hispanic homeownership rates registered all-time highs at 63.3% and 51.1%, the Black homeownership rate was 44.1%.
The homeownership rate for white Americans was at 72.3% in 2022.
Jessica Lautz, NAR deputy chief economist and vice president of research, said in a statement that the impacts of overall housing affordability affect minority buyers more than white buyers. Minority buyers often pay more of their monthly income in rent, making it harder to save for…
CrossCountry Mortgage has adopted FICO Score 10 T for non-QM loans and securities.
The goal of using FICO 10 T is to expand the number of people eligible for mortgages based on their credit scores. FICO says its new model can increase mortgage approval rates by up to 5% without additional risk, as well as reduce delinquencies by 17% for many consumers.
“CrossCountry Mortgage’s astute decision to adopt FICO Score 10 T demonstrates its commitment to innovation, credit access, and responsible business growth,” Julie May, vice president and general manager of Scores at FICO, said.
“By leveraging FICO’s most predictive credit scoring model, CCM is at the forefront of meeting the needs of today’s borrowers and investors.”
CCM is the…
CrossCountry Mortgage launched a new cost-saving program for first-time homebuyers.
The Freddie Mac BorrowSmart Access program provides borrowers in specific metros with up to $3,000 that can be put towards a down payment or closing costs.
“In today’s competitive market, first-time homebuyers face many obstacles including trying to save for a down payment,” said Jenn Stracensky, CCM Chief Operating Officer.
“BorrowSmart Access supports our mission of making every mortgage feel like a win by giving homebuyers extra purchasing power and putting homeownership within reach, especially in underrepresented communities.”
Borrowers in Atlanta, Chicago, Detroit, Houston, Philadelphia, and Miami, along with several other high-cost metros in the South, are eligible to receive aid. At least one borrower must be a first-time homebuyer,…
By KIMBERLEY HAAS Leaders at loanDepot are saying they are pleased with a federal judge’s decision to grant a preliminary injunction against six former employees and CrossCountry Mortgage. The employees are currently employed by CrossCountry and are accused of taking sensitive customer information from loanDepot to their new employer. On Tuesday, U.S. District Court Judge Edmond Chang of the Northern District of Illinois issued the injunction. Chang found that “there is a likelihood of success on all of loanDepot’s claims against the defendants.” loanDepot’s lawyers claim that CrossCountry and the six former employees misappropriated loanDepot trade secrets; that CrossCountry aided and abetted contractual and fiduciary violations by these recent hires; and that CrossCountry was responsible for tortious interference with the…
CrossCountry Mortgage is investing in the future of Hispanic homeownership through a new Spanish mortgage application and a focused Hispanic website. Leaders at the company announced their intentions on Tuesday. CCM is one of America’s largest retail mortgage lenders and has been included nine times on the Inc. 5000 list of America’s fastest-growing private businesses. The company is also a partner of the National Association of Hispanic Real Estate Professionals, a trade association that works towards economic mobility for Hispanics, including homeownership. “Our support for the Hispanic community extends well past translated materials. This is personal,” says CCM Chief Brand Officer Laura Soave. “We have hundreds of Spanish-speaking loan officers with deep roots in the community. We’re partnering with organizations…
