Demographics

As more borrowers between 21 and 40 leveraged the historically low mortgage rates in January, the average age rose to a report high, according to ICE Mortgage Technology.

If you are underbanked you probably have limited access to mainstream financial services normally offered by retail banks. Many fintech startups offer alternative ways to measure credit risk, and assert that their products can help extend financial services to consumers who have not been well-served by traditional banks.

The multifamily lender named Michael Levine as board chairman, succeeding Dominick Ciampa, who held the role for 10 years. The move comes less than a week after longtime CEO Joseph Ficalora abruptly retired and was replaced by Thomas Cangemi.

Challenger banks aimed at Blacks, Hispanics, immigrants and other underserved groups are offering financial education and support for charities in addition to basic banking services.

Two reports reveal how borrowers prefer to engage with lenders, with younger customers preferring an efficient digital experience and most seeking some form of human interaction.

The head of the Federal Housing Administration said Congress should consider whether to continue allowing the loan floor and ceiling to remain tied to changes in the conforming mortgage limit.

More borrowers between 21 and 40 are leveraging the historically low mortgage rates to either buy their first homes or slash their monthly payments, according to Ellie Mae.

The digital bank is on a larger mission to attract younger customers. It's inserting itself into the popular video game in the hope that game players will learn about its products and have fun at the same time.

Black borrowers locked in an average mortgage rate of 4.44% for conventional loans — 15 basis points higher than white borrowers, according to an analysis of HMDA data by the National Association of Real Estate Brokers.

But an expected drop in refinancings as mortgage rates rise should more than cancel that out, resulting in declining overall volume through 2023.