FT Mortgage Cos., Dallas, is introducing a credit card that the borrower can use to make a downpayment on a mortgage.The Downpayment Card acts as a normal Visa card. When a person applies for a loan at any of the FT affiliates, he or she can simultaneously apply for the card. The card can be used to get a cash advance to get the funds needed. No cash out of pocket is needed for a downpayment on a 95%-97% loan-to-value ratio mortgage. In effect, the borrower is getting 100% financing. After the loan closes, the card can be used like any other Visa card.
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The Chicago-area lender, which at first was able to get the suit quashed, agreed to end the discrimination case by paying a $105,000 fine.
November 1 -
The wholesale lender filed a motion to dismiss the case, or at least to strike the class action certification in mid-October.
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Remax, the real estate brokerage and mortgage broker franchisor of Motto Mortgage, rebounded from a year ago loss in a tough news cycle for both its businesses.
November 1 -
Economists cautioned that October's employment report may not provide a fully accurate representation of the economy due to recent hurricanes.
November 1 -
HomeStreet and FirstSun are working to devise a new formula after the Texas Department of Banking and the Federal Reserve declined to approve their merger application.
November 1 -
Former Treasury Secretary Steven Mnuchin and his investment firm Liberty Strategic Capital are seeking to more than double his indirect ownership stake of Flagstar Financial — formerly New York Community Bank — to 22.9%, according to filings obtained by American Banker.
November 1