By KIMBERLEY HAAS
The administration worked to assure consumers that the banking system was safe on Monday following the sudden collapse of two financial institutions.
Officials at the Federal Deposit Insurance Corporation announced on Friday that Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation. It was the biggest bank failure since Washington Mutual in 2008.
All insured deposits were transferred to the newly-created Deposit Insurance National Bank of Santa Clara.
Silicon Valley Bank had 17 branches in California and Massachusetts. As of December 31, 2022, it held approximately $209 billion in total assets and about $175.4 billion in total deposits, according to officials.
On Sunday, FDIC officials announced a similar fate for New York-based…
By KIMBERLEY HAAS
Leaders at Rocket Mortgage have been rolling out programs to serve potential homebuyers in underserved communities.
They announced last week that the company is the first national lender to offer Freddie Mac’s BorrowSmart Access program, which has a $3,000 credit for first-time homebuyers to use toward their down payment.
To qualify for this program, the buyer must have an income equal to or less than 140% of the area median income and meet all other Freddie Mac lending guidelines. The purchase must take place in an eligible county within one of 10 metropolitan areas.
The cities include Detroit, where Rocket is headquartered, Atlanta, Chicago, El Paso, Houston, McAllen, Memphis, Miami, Philadelphia, and St. Louis.
In December, Purchase…
By PATRICK LAVERY
Interest rates are rising as the spring homebuying season starts in many parts of the country.
Federal Reserve Chair Jerome Powell indicated in his testimony before U.S. lawmakers this week that although the central bank’s policymakers have yet to decide how large their next rate hike will be, “the ultimate level of interest rates is likely to be higher than previously anticipated” based on the latest economic data. They will be meeting on March 21 and 22.
“As I have mentioned in my testimony, the data we have seen so far this year suggests that the ultimate level of rates will need to be higher. We still have some more data to come in between now and…
By KIMBERLEY HAAS
As sellers become savvier about return on investment opportunities before putting their house on the market, the presale home renovation company Revive is expanding nationally.
Leaders at the California-based business announced on Tuesday that they have partnered with NextHome, a real estate franchise with more than 5,500 agents in 610 offices across 48 states.
“Presale renovations offer homeowners a $300 billion additional profit opportunity,” Dalip Jaggi, Revive co-founder, said in a statement.
Sellers can leave between 15% and 20% of potential profits on the table when selling a home as-is and, on average, earn $186,000 more than the cost of their renovations, Jaggi noted.
Tuesday’s announcement comes less than a month after it became public that Revive…
By KIMBERLEY HAAS
Leaders at Rocket Pro TPO are extending their promotion on 30-year conventional purchase loans at or under $200,000 as they gear up to be more competitive in that market this year.
During an IGNITE: Live! webinar on Monday, Executive Vice President Mike Fawaz announced that they are continuing their 37.5 BPS credit on these loans.
Fawaz said they want to make sure that they listen to their broker partners and their feedback.
“This is something we have been extending every single month since December. And the feedback continues to be incredible and positive and broker partners want it,” Fawaz said.
Fawaz explained the philosophy behind the promotion.
“When you think about it, we are very competitive when…
By KIMBERLEY HAAS
Officials at the U.S. Department of Justice announced on Tuesday that they reached a $9 million agreement with an Ohio-based bank to resolve redlining allegations.
Redlining is an illegal practice in which lenders avoid providing credit services to individuals living in certain communities because of their race, color, or national origin.
It is alleged that from at least 2015 to 2021, Park National Bank, headquartered in Newark, Ohio, engaged in the pattern or practice of lending discrimination in the Columbus metropolitan area. The bank’s branches and mortgage lenders were concentrated in majority-white neighborhoods, and company leaders failed to take any meaningful measures to compensate for its lack of physical presence in majority-Black and Hispanic communities, according to…
By KIMBERLEY HAAS
Officials at the Consumer Financial Protection Bureau are taking action against a California-based mortgage lender that allegedly sent misleading advertisements to military families.
According to a press release, RMK Financial Corporation falsely represented that the company was affiliated with the Department of Veterans Affairs and the Federal Housing Administration.
RMK Financial does business as Majestic Home Loan and is licensed as a mortgage broker or lender in at least 29 states. Officials say that although the company originated loans guaranteed by the VA and mortgages insured by the FHA, they are not affiliated with these agencies.
Officials warned RMK about misleading consumers in 2015 but say the company engaged in a series of repeat offenses, leading to…
By KIMBERLEY HAAS
The Biden administration has announced a reduction on mortgage insurance premiums in a move they say could benefit an estimated 850,000 borrowers over the coming year.
New borrowers who take out loans insured by the Federal Housing Administration will see the effects of the reduced premiums, according to a press release.
The premiums will be reduced from 0.85% to 0.55% for most homebuyers, which could mean an estimated savings of $678 million for American families by the end of 2023, according to officials.
Vice President Kamala Harris and Department of Housing and Urban Development Secretary Marcia Fudge made the announcement in Bowie, Md., on Wednesday.
White House officials said the average homebuyer in Prince George’s County –…
By KIMBERLEY HAAS
Craving some sunshine? You are not alone as the migration to the Sun Belt continues past the pandemic.
Data from U-Haul and North American Van Lines shows that the Carolinas, Florida, and Texas were among the top inbound states for migration last year. That trend is expected to continue.
And as the state of North Carolina sees an influx of new residents, the coastal city of Wilmington has been attracting accolades. It was listed as the second best place to live in North Carolina by Forbes Advisor last fall, coming in after Raleigh, the state’s capital.
In January, the median listing home price in Wilmington was $435,700, trending up 18.1% year-over-year. The median home sold price was…
By KIMBERLEY HAAS
Interest in minimalism has increased in recent years, and people who want to embrace that lifestyle could fall in love with one of the cities listed in a recent analysis.
Minimalism is commonly defined as intentionally living with fewer possessions, focusing instead on what is essential.
For the analysis by RentCafe, cities with populations of over 200,000 residents were ranked based on a series of metrics including public transportation, commute time, number of people walking and biking to work, the prevalence of work-from-home opportunities, size of homes, climate and environmental factors, population density, access to parks and beaches, electricity bills, and self-storage availability.
Google searches related to minimalism were also taken into account. There were an average…
