Michigan

A renter making minimum wage would have to work 77 hours a week — nearly two full-time jobs — to afford a two-bedroom apartment in Michigan.

The company is looking to tap into a surge of homebuying tied to historically low interest rates.

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

The class-action lawsuit claims the company used deceptive contracts, locking low-income Black homebuyers into disadvantageous long-term mortgages without proper lending disclosures.

When you're quarantined inside your home with no place to go, the walls around you take on a whole new meaning.

Developer Doug Loose says he is "living in a cloud" after recently securing financing through Frankenmuth Credit Union for a portion of his $4.2 million purchase of a damaged condominium complex in Midland, Mich.

Home sale prices are up while sales numbers are way down in metro Detroit's real estate market, which has yet to experience any collapse in values from the coronavirus-caused recession.

Home sales plunged 70% in May in the wake of the COVID-19 pandemic — the largest drop in the country, according to the Remax National Housing report.

Thomas O'Brien will take the helm at Sterling Bancorp, which is dealing with internal control issues and probes by the OCC and Justice Department into its mortgage operations.

Michigan's economy collapsed this spring amid the coronavirus pandemic as thousands of businesses closed and more than 1 million residents lost work and sought unemployment benefits.

County homeowners may be eligible for federal assistance in the form of low-interest loans rather than grants.

Jamie York has taken the helm at Neighborhood Mortgage Solutions as CEO Greg Wischmeyer prepares to retire.

To address the coronavirus' impact, banks like Truist and Ally and nonbanks like Quicken Loans are assisting communities as well as making adjustments to support their workforce and customers.

The company disclosed that an internal review of a now-discontinued loan program found that employees engaged in misconduct tied to income verification and requirements, among other things.

Dan Gilbert has been back in the office and could soon be making his first public appearance since suffering a stroke last May, Quicken Loans CEO Jay Farner said.

The developer of three adjacent lots said one of the reasons for the sale was her time was up with her mortgage holders.

The city of Detroit is expanding property tax exemptions for homeowners to help more residents avoid foreclosure, officials announced Wednesday.

High employment, low interest rates and technology helped two Metro Detroit mortgage giants post record years in 2019.

Tom Lopp abruptly suspended a program that accounted for 83% of Sterling Bancorp's mortgage production this year. An ongoing audit of the program and pressure to diversify beyond mortgages are reasons to watch Lopp and Sterling in 2020.

The mayor of Taylor, Mich., was indicted by a federal grand jury on allegations of bribery related to the sale of tax-foreclosed properties