Loan Comparison Sites Not All Fair
Uncle Sam’s chief financial watchdog agency has fired a warning shot across the bow of consumer-facing comparison sites and mobile apps that steer consumers to the lenders that pay the sites the most.
Lenders Compete, Who Wins?
The prospect of a spring mortgage market with fewer homes available for sale has Massachusetts lenders preparing for a challenging and competitive 2023.
Illinois Bank Expands Mortgage Lending to Massachusetts
An Illinois bank plans to hire 30 new loan officers and expand mortgage lending into several states, including Massachusetts, Connecticut and Rhode Island.
Q&A: Mat Ishbia, CEO of United Wholesale Mortgage
Mat Ishbia, CEO of Michigan-based United Wholesale Mortgage, talks about how the company became the nation’s biggest lender and what next next year holds.
Survey: Buyers Research Cars, Vacations More than Their Mortgage
Most homebuyers spend about as much time researching their next television purchase as they do their mortgage lender, compounding mortgage lenders’ struggles standing out from their competitors.
Mortgage Lenders Can’t Stand Out from the Competition
While borrowers might be expected to cite mortgage rates as the top reason for selecting a specific lender in the current environment, J.D. Power sees this as a potential problem for lenders.
Rocket Mortgage to Provide Loans to Santander Customers
After discontinuing mortgage lending earlier this year, Santander Bank has formed a partnership with Rocket Mortgage to provide home loans for the bank’s customers.
HarborOne Bank Saw Second Quarter Earnings Fall 30 Percent
Brockton-based HarborOne Bank saw year-over-year earnings drop 30 percent as mortgage banking income fell by almost 50 percent in the second quarter.
Geneva Financial Expands in Massachusetts
Arizona-based mortgage lender Geneva Financial has opened a new office in Rockland, with Patrick Queally as the branch manager.
Mortgage Market Opens for Gig Workers
Fannie Mae and Freddie Mac shut many self-employed buyers out during the pandemic. But now, those rules are gone and some lenders, perhaps sensing a grand opportunity to boost market share, are targeting gig workers directly.
Post-Surfside Rules Create Condo Financing Problems
Buyers in some buildings may soon be finding it difficult to secure financing because of new rules regarding deferred maintenance, structural issues and underfunded reserve accounts.
CFPB to Consider Rules for Automated Home Appraisals
Citing concerns about biases in automated home appraisal models, the Consumer Financial Protection Bureau could create rules to ensure that computer models determining home valuations are accurate and fair.
Can You Buy a House with Crypto? Some Lenders Say ‘Yes’
Homebuyers who have dabbled in cryptocurrency should know that some lenders will allow you to use those assets – with a proviso – as part of your down payment when applying for financing.
With Rate Hikes, Mortgage Lenders Face Uncertain Year
After two years where the U.S. mortgage market saw about $4 trillion in loan volumes each year, rising interest rates could mean the home lending industry could be in for a muted 2022. It all depends on prospective homebuyers’ reactions this spring.
Santander to Exit U.S. Home Lending
Santander Bank’s parent company plans to discontinue U.S. home lending and review some of its commercial and industrial lending segments as part of a strategy to accelerate profitable growth.
Embrace Home Loans Opens Seaport Office
Rhode Island-based Embrace Home Loans has opened its first Boston office in the Seaport District as the company expands in the Northeast.
CFPB to Evaluate HMDA Rules Changes
Citing studies that have found racial disparities in mortgage lending, the Consumer Financial Protection Bureau said it plans to review recent changes to the Home Mortgage Disclosure Act (HMDA) rules and has requested public input on those rules.
DOJ Launches Initiative to Fight Redlining
The U.S. Department of Justice will coordinate with financial regulators and state attorneys general on a new initiative to enforce laws that prevent discriminatory practices involving “modern-day redlining.”
Homebuyers Have Rare Chance to Save
For the next 60-odd days, some homebuyers have an unusual opportunity to find financing at a tad lower cost.
Tighter Lending Scrutiny Expected from New CFPB Head
The bureau has a new director who is likely to embrace an aggressive “watchdog” role, similar to how the agency operated under former President Barack Obama.
This Week’s Newspaper
