Bank of America, Charlotte, N.C., has introduced a no-fee home equity line of credit on the West Coast that it says offers competitive rates and flexible payment terms.The product, Equity Maximizer, requires no application fees, no closing costs, no minimum draw, no prepayment or early-closure fees, no fixed-rate loan option conversion fees, and no annual maintenance fees, BoA said. "Many banks say they offer no-fee home equity lines, but they are only talking about the upfront fees consumers often pay to secure a home equity line of credit," said BoA home equity executive David Rupp. The new HELOC product is now available to homeowners in California, Oregon, Washington, and Idaho, but BoA said it plans to expand the offering nationwide this summer. BoA can be found online at http://www.bankofamerica.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18