A new report from California shows that less-regulated mortgage lenders may be doing a better than banks of serving Black and Latino homebuyers. But consumer advocates say the data bolsters the case for tougher supervision of nonbanks.
The median credit score for new mortgages and refinancings climbed to 786 during the third quarter, its highest level in more than two decades, according to a report from the New York Fed.
The Toronto parent of BMO Harris Bank has joined a growing list of banks directing billions of dollars toward affordable housing and loans to low- and moderate-income communities.
Demand trends were mixed in the third quarter, with consumers showing more willingness than businesses to take on new debt, according to the Fed’s most recent survey on bank lending practices.
JPMorgan Chase is going on the “offensive” in mortgages as home prices rise across the country, said Marianne Lake, the bank’s chief executive for consumer lending.
