U.S. Bank announced a new Special Purpose Credit Program (SPCP) geared toward increasing homeownership in communities of color.
The Access Home Loan provides up to $12,500 in down payment assistance to qualified borrowers, as well as up to $5,000 in additional lender credit for closing costs. Buyers can opt to use the lender credit to buy down their interest rate, addressing a dire affordability problem in today’s high-rate environment.
It is currently available in pilot markets where the minority population is more than 50%. Those include Las Vegas, Little Rock, Milwaukee, Minneapolis, and St. Louis, as well as six California cities.
While the loan is designed for first-time buyers, other borrowers can qualify as well.
“We know that homeownership is…
By KIMBERLEY HAAS Officials at the Consumer Financial Protection Bureau are cracking down on a mortgage company that allegedly discriminated against minority families and a bank that is accused of pressuring employees into unlawfully accessing the credit reports of customers. With the aid of the U.S. Department of Justice, CFPB officials took action to end Trident Mortgage Company’s alleged discrimination against families in minority neighborhoods in the greater Philadelphia area. It is alleged that Trident violated the Equal Credit Opportunity Act and the Consumer Financial Protection Act. DOJ officials also claim Trident violated the Fair Housing Act. In Philadelphia neighborhoods that were more than 80% minority, more than half of the applications Trident generated were from white applicants, according to…
James “Jace” Stirling has been named the Southeast’s regional sales manager for Embrace Home Loans, the company announced in a press release. “I’m excited to join such an incredible organization,” Stirling said. “I was drawn to Embrace’s fantastic culture, leadership, and the long-term stability of a nearly 40-year-old company. I was also attracted by Embrace’s wide variety of innovative mortgage products, its great technology, and the marketing tools it offers originators.” Stirling will succeed former SVP and Sales Director Cary Reines, who is retiring. As regional sales manager, Stirling will lead Embrace sales from Virginia to Florida, including Alabama. He will also recruit new talent for both branch management and mortgage originator positions. He brings more than two decades of…
Seriously delinquent mortgages dropped by more than half year-over-year (YOY) at seven national banks, according to a report from the Office of the Comptroller of the Currency. Though the findings are optimistic, the banks in the study– Bank of America, Citibank, HSBC, JPMorgan Chase, PNC, U.S. Bank, and Wells Fargo– were handling almost 1,900 fewer loans YOY, complicating the final picture. Overall, the banks serviced about 12.5 million first-lien residential mortgage loans, totaling $2.59 trillion in unpaid principal balances. This is 23% of all U.S. residential mortgage debt. In Q3 2020, $2.866 trillion or 14,393 loans. The share of mortgages that were current at the end of Q3 2021 was 95.6%, up from 92.5% in Q3 2020. The seven banks…
