BNY Mortgage Co., Newburgh, N.Y., has announced the introduction of Prime Advantage, which the company termed the first fixed-rate jumbo reverse mortgage.The product is designed for older borrowers who want access to more cash than a traditional reverse mortgage provides and the "added financial certainty" of a fixed interest rate for the life of the loan. "With interest rates more than doubling over the past three years, many homeowners are uncomfortable with an adjustable rate," said Robert Sivori, co-president of BNY Mortgage. "Prime Advantage eliminates this uncertainty by providing an opportunity to lock in a fixed rate at closing. It also provides the flexibility to eliminate lender closing costs and gives borrowers the comfort of knowing exactly how much money they will owe at any point in time." The company also offers a variable-rate Prime Advantage loan. Its parent company, EverBank, can be found online at http://www.everbank.com.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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