Winners in a Bad Year
Massachusetts banks, credit unions and mortgage companies all took major hits in residential lending, but there were a few brights spots that helped some lenders come out on top.
With Lower Mortgage Rates 2024 Can Be a ‘Fine Year’ for Residential Lending
The increase in conforming loan limits for 2024 set by the Federal Housing Finance Agency, will make it easier for homebuyers to take on the higher mortgage loans needed to buy a home in a highly priced market like Massachusetts.
Cape Cod 5 CEO: ‘Smaller Banks Need to Scale to Survive’
As he looks forward to the bank completing its merger with Fidelity Bank, Cape Cod 5 CEO Matthew Burke thinks it is essential for smaller banks to look at mergers and partnerships to survive the pressures of a high-interest rate economy.
Cape Cod 5, Fidelity Bank to Merge Holding Companies
Parent holding companies of Cape Cod 5 and Fidelity Bank are merging under one, $7 billion-asset mutual holding company.
Banks Without DIF Protection Turn to IntraFi
While the banking crisis has raised questions about whether the FDIC should guarantee higher deposit balances, some banks have already found ways to insure their customers’ deposits: the IntraFi Network and similar fintech solutions.
Hope Springs Forth for Housing Market
Brokers’ and agents’ hopes are springing to life after a tough holiday season like the snowdrops popping up among the dead leaves across Massachusetts this month thanks to an unseasonably warm winter.
Conforming Limit Hikes Will Keep Market Moving, Lenders Say
With the surge in homebuying amid a limited housing supply continuing to drive up sale prices during the pandemic, lenders and borrowers could see opportunities open up next year for larger mortgages.
Small Lenders Forced to Grapple with Accelerating Climate Change
This summer’s extreme weather – like heat waves and the tropical storm that nearly hit the area last week – are reminding Massachusetts’ banks and credit unions about the risks New England faces as climate change accelerates.
For Mass. Remote Workers, Life’s a Beach
Homebuyers looking to retire early or work remotely from more bucolic surroundings continued to flood Cape Cod towns and some South Shore this spring, pushing median sale prices to astounding heights. These towns saw the most price growth.
Top LOs Grappled with Red-Hot Purchase Market
The pandemic challenged loan originators to find ways to meet the rapidly changing needs of consumers and the real estate industry. And a select few rode this wave to the top of their industry.
Community Good Works
Local banks, developers and contractors gave away hundreds of thousands of dollars to support fellow community members in need in recent weeks.
Financial First Responders
To process as many loans during the PPP’s first few weeks as they would typically do in a year – if not several years – community banks turned to all areas of the bank, while focusing on the small business customers behind the program.
Personnel File
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
Loan Originators Got Creative in Hot Market
With Massachusetts still lacking the inventory needed to meet buyer demand, loan originators have had to get creative in how they work with prospective homeowners.
Home Appraisal Rules Could Slow Refi Boom
COVID-19 fears among appraisers and homeowners are threatening to partially derail a surge in refinancings in Massachusetts at a time when many residents may be looking for ways to save.
Community Good Works
From critical learning tools to hundreds of thousands of dollars in community support, members of the real estate and financial industries are trying to buttress their communities during this time of crisis.
Lenders Grapple with Troubled Borrowers, Mortgage Outlook
As the metastasizing COVID-19 public health crisis has threatened to turn into an economic disaster, lenders have had to move quickly to help their small business borrowers find ways to stay solvent.
As Coronavirus Spread, Banks Had to Adapt Service Quickly
As the coronavirus continued to spread during the second week of March, executives at Cape Cod Five developed a two-phase approach for servicing branch customers.
More Bank Branches Close Throughout State
Massachusetts communities saw more changes at bank branches Tuesday as the spread of the coronavirus continued. Bank branches throughout the state have closed, with some offering services at drive-up windows only and others shutting down entirely.
Community Good Works
Bristol County Savings Bank, Cape Cod Five and Cornerstone Bank are just a few of the banks featured in this week’s Community Good Works.
