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Patriot Bank to pay $1.9M to settle DOJ’s redlining accusations

Housing Wire

In addition, Patriot Bank is required to have at least two mortgage loan officers to serve majority-Black and Hispanic neighborhoods in the Bank’s service area and employ a director of community lending – responsible for development of lending in communities of color.

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First Financial Bank to invest $700M by 2028 in affordable mortgages

Housing Wire

Another $700 million is expected to be invested in mortgage lending, with a focus on rural areas, the development of community mortgage loan officers, small-dollar mortgages and home improvement loans, among other products for LMI borrowers.

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Making sense of ultra-low mortgage rates

Housing Wire

The company also said: “Since every borrower’s situation is different, interested loan officers can price out this specific product in UWM’s EASE system or call their AE [account executive] for more information.”. s San Diego office, to get a better understanding since he originates a lot of UWM’s Conquest loans.

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Will new products stop the bleeding for mortgage lenders? 

Housing Wire

During the second-quarter earnings season, executives from publicly traded mortgage lenders detailed their forays into jumbo loans, non-qualified mortgages, reverse mortgages, home equity products and even personal loans. ” Just a little less vanilla.

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Some lenders won’t survive the purchase mortgage market of 2022

Housing Wire

A seasoned retail and commercial banking salesman in Fort Wayne, Indiana, the 39-year-old Woodward joined Interfirst Mortgage as a loan officer in October 2020 after a recommendation from an old college friend. The changes affect loan officers, processors and underwriters, but also top executives. The closer, the better.

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How LOs, mortgage execs are preparing for 2024

Housing Wire

HousingWire interviewed a dozen loan officers and mortgage executives about their strategies for 2024, which mortgage products they expect to be in demand, and the magic rate needed to get sellers and buyers back in the market. A successful loan officer in this market needs a very capable qualified assistant.

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How LOs can leverage their sphere of influence

Housing Wire

“That’s the bullseye, it’s not just getting someone’s Social Security number so you can run a credit report and approve them for a loan. The loan officers that do the best are the financial literacy teachers.” Plus,] you’ll get good at having a critical conversation that loan officers should be able to have.”