Month: August 2023

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A community bank in Oklahoma is upset over the Department of Justice’s characterization of the redlining settlement the two parties entered into Monday.

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American Bank of Oklahoma has agreed to settle redlining charges brought by the Department of Justice and will make restitution by lending $1 million in Black and Hispanic neighborhoods in Tulsa. 

Executives of the Collinsville, Oklahoma, bank denied wrongdoing. In a press release late Monday, they said they entered into the settlement “to avoid the cost and distraction of protracted litigation.” 

Chief Executive Joe Landon criticized the DOJ for disclosing racially charged emails the government claims American Bank employees forwarded to each other, and for mentioning the 1921 Tulsa Race Massacre in its press release announcing the settlement, as well as in the complaint against American Bank. 

Both consent order and complaint were filed Monday in U.S. District Court for the Northern District of Oklahoma in Tulsa. 

According to the DOJ’s 24-page complaint, American Bank employees circulated emails that contained racial slurs, including use of the “N-word” in its entirety. Other emails exchanged among co-workers at the bank touched on sensitive topics like immigration, gang violence and the supposed decline of Detroit, Michigan.

American Bank of Oklahoma CEO Joe Landon

But in an interview Monday, Landon said “the majority” of the emails DOJ referenced came from outside the bank “and I have no control over that.” 

“I get 100 to 200 emails a day. I don’t read them all,” Landon added. 

In a subsequent statement, American Bank claimed that “many of the quotes were taken from unsolicited communications forwarded or written by third parties, and others were taken out of context.”

“Any racially or ethnically insensitive sentiments included in these emails do not reflect our culture or values,” American Bank added in the statement. 

The DOJ also noted some of the neighborhoods American Bank allegedly redlined were victimized in the 1921 Race Massacre, where white rioters destroyed the city’s largely African American Greenwood District, killing as many as 300 people, according to some accounts.

“Providing equal access to credit is essential in every community, but the painful history of Tulsa makes this agreement particularly poignant because the redlined areas include historically Black neighborhoods that have endured the legacy of racial violence and the continuing effects of segregation and discrimination,” Assistant Attorney General for Civil Rights Kristen Clarke said Monday in a press release. 

The complaint is more explicit on this point, stating the “area that [American Bank] redlined includes the historically Black neighborhoods in Tulsa that were the site of the 1921 Tulsa Race Massacre.”

Landon, for his part, said he founded American Bank in 1998, nearly eight decades after the attack on Greenwood. He voiced his concern that mentioning the Race Massacre might dampen customer interest in the lending program American Bank has agreed to undertake in the settlement.

“We were kind of shocked that they brought that up,’ Landon said Tuesday in an interview. “We didn’t see the relevance. We’re moving into a new community. We’re going to do our best. I think we can be successful there. … I sure don’t see it as helping.”

Andrea Mitchell, American Bank’s attorney, called the DOJ’s references to the 1921 Race Massacre “politically charged and entirely irrelevant.”

“Seeking to link bank conduct to this event over 100 years ago entirely undermines the remedial purpose of a consent agreement, which is to create a framework for banks to develop trust with minority communities to be able to better serve those communities with mortgage credit and other banking services,” Mitchell, managing partner at the law firm Mitchell Sandler in Washington, said Tuesday in a statement. 

A DOJ spokesperson declined to comment on its references to the 1921 Race Massacre. 

The DOJ claimed the $383 million-asset American Bank steered clear of minority neighborhoods in the Tulsa metropolitan statistical area, confining its operations to majority white communities. “American Bank of Oklahoma engaged in the illegal practice of redlining and failed to serve the diverse members of our Tulsa community as they attempted to purchase homes,” Clinton Johnson, U.S. attorney for the Northern District of Oklahoma, said in DOJ’s press release. 

The DOJ alleged that American Bank’s federal regulator, the Federal Deposit Insurance Corp., warned about fair-lending risk and recommended specific measures to address the issue. None of the recommendations were implemented and, as a result, American Bank made far fewer mortgage loans in Black and Hispanic neighborhoods compared with similarly situated lenders, according to the DOJ. 

But Landon said American Bank’s business model has been to focus on small towns in eastern Oklahoma, rather than deliberately avoiding lending to mortgage borrowers in Tulsa’s minority neighborhoods. “I’m from a small community,” Landon said Tuesday. “I’ve always lived in a small community. I love small towns. That’s one of the reasons we chose where we are. It had nothing to do with race.” 

Source: nationalmortgagenews.com

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While bonds may have started the day drifting into slightly weaker territory, losses have quickly shifted to gains in the wake of this morning’s big ticket data.  JOLTS (the Job Openings and Labor Turnover Survey) has been an increasingly important report.  It will be one of the data points considered by the Fed in determining whether the labor market has softened enough to begin removing some of the “restriction” from the current monetary policy stance.  In other words, if job openings drop enough (and if other data sings a similar tune), the Fed will be wondering more about the timing of the first rate cut than the potential for another rate hike.  Today’s number marked a sharp decline from last month and brings job openings to the lowest level since early 2021.

The bond market response was clear:

For what it’s worth, the chart of 2yr Treasury yields wouldn’t look much different apart from the values on the y-axis, but 2s have fallen more than twice as fast as 10s–an indication of the bond market reassessing the Fed’s rate outlook in the coming year.

Source: mortgagenewsdaily.com

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Mortgage applications for home purchases and refinances increased for the first time in five weeks but remain at low levels. For the week that ended Aug. 25, mortgage applications picked up 2.3% from the prior week, according to data from the Mortgage Bankers Association. 

 “Mortgage rates were mostly unchanged last week, with the 30-year fixed rate remaining at 7.31 percent – the highest since December 2000. Treasury yields peaked early in the week and did move lower by the end, which may have spurred some activity,” said Joel Kan, MBA’s vice president and deputy chief economist.

The seasonally adjusted purchase index increased 2% from one week earlier while the unadjusted purchase index was 27% lower than the same week one year ago.

“Purchase applications increased but were still 27 percent lower than a year ago, as elevated mortgage rates and tight housing inventory continue to weigh on home-buying activity,” Kan added.

Refinance index increased 3% from the previous week, but is still 28% lower than the same week one year ago. Also noteworthy, a 7.9% spike in conventional refinances drove up the whole market last week, but the refinance market remains slow, said Kan. Government refinance applications dropped more than 10% last week.

The refinance share of mortgage activity increased to 30.1% of total applications from 29.5% the previous week. Meanwhile, the adjustable-rate mortgage (ARM) share of activity decreased to 7.5% of total applications from 7.6% last week.

At Mortgage News Daily, 30-year fixed-rate mortgage rates were at 7.12% on Tuesday. At HousingWire’s Mortgage Rates Center, Optimal Blue had rates at 7.21% on Monday.

The Federal Housing Administration loans’ share decreased to 13.2% from 14.3% the week prior. The U.S. Department of Veteran Affairs loans’ share remained unchanged at 11.6%. Lastly, the U.S. Department of Agriculture loans’ share fell to 0.4% from 0.5% a week prior.

The average contract interest rate for 5/1 ARMs fell to 6.48% from 6.50% a week prior.

Source: housingwire.com

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TOLEDO, Ohio (WTVG) – Mortgage rates across the country are going up and consumers appear to be more anxious about the economy.

You can watch the full big story above.

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Copyright 2023 WTVG. All rights reserved.

Source: 13abc.com

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Ozment as well as other former employees — loan officer Ron Hankins, underwriter Natalie Boyd and loan processor Kristin Mastrorilli — followed improper mortgage lending practices and lied to Lower about doing so in order to further line their pockets, according to the suit.

The former employees agreed to fraudulently cause Lower to issue high risk loans while knowingly disregarding that at least 13 of the customers receiving these loans did not meet Lower’s loan eligibility criteria, Lower alleged. 

The suit said the former employees engaged in “the gross misconduct” to earn more money from Lower than they would have otherwise been owed had they not caused Lower to issue the high-risk loans.

“As a direct and proximate result of Mr. Ozment’s, Mr. Hankins’, Ms. Boyd’s, and/or Ms. Mastrorilli’s fraud and conspiracy to commit fraud, Lower has suffered financial loss and other damages that exceed $4,000,000.00,” the suit said.

Ozment operates Oz Lending as a DBA of AmCap and the suit alleges that he has posted selected portions of customer reviews to misleadingly portray prior customer successes as a result of Ozment’s relationship with AmCap, “when in reality, those successes were a result of Mr. Ozment and Oz Lending were associated with Lower.”

To date, Ozment and AmCap have not returned Lower’s confidential information and trade secrets, Lower alleged. 

“Rather, Mr. Ozment has improperly retained and used Lower’s confidential information and trade secrets to solicit Lower’s customers for his, and AmCap’s, benefit thereby breaching the agreement.”

Ozment’s employment agreement — which contained non-solicit provisions — would require Ozment not to compete with Lower and to refrain from soliciting any employees or business from any of Lower’s customers for 16 months after his termination. 

Lower claimed that AmCap knew of Ozment’s employment agreement. 

The suit claimed that by mid-to-late 2022, Ozment secretly entered into agreements with AmCap to leave Lower and to take Lower’s information, customers and the Plano office employees with him to AmCap.

According to the suit, AmCap and Ozment agreed that AmCap would offer jobs to Lower’s Plano office employees working with Ozment if they agreed to terminate their employment with Lower.

Lower’s employment-related claims will be resolved through arbitration while the lender will ask a court order for permanent injunctive relief from Oz Lending using Lower’s customer information, property and client testimonials, according to the suit.

Summons were issued to AmCap Mortgage and its former employees earlier this month. 

Lower, attorneys for the lender, Ozment, Hankin and Mastrorilli didn’t respond to requests for comment. 

AmCap declined to comment on active litigation.

Lower originated a total of $4.24 billion in production volume across 14,563 loans in 2022, according to mortgage data platform Modex. A total of 433 sponsored loan originators work in 77 active branches across the country, according to the Nationwide Multistate Licensing System (NMLS).

AmCap Mortgage posted a production volume of $3.35 billion across 11,289 last year, according to Modex. AmCap has 540 sponsored MLOs across 128 active branch locations, NMLS showed. 

Source: housingwire.com

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Renting an RV is becoming an increasingly popular vacation option. It offers the freedom to go and do as you please on your own schedule and explore farther, wider, and more comfortably than you’d likely be able to through other modes of transportation.

RV travel also includes nightly accommodations and a way to get from here to there. So whether you’re interested in hopping from national park to national park, driving the entirety of Route 66 or anything in between, you’ll likely want to find the best deal.

We’ve researched the cheapest way to rent an RV for a month, so you don’t have to.

Cost to rent an RV for a month

Knowing the general cost of renting an RV for a month is important so you can budget appropriately for your trip.

That said, how much it will cost to rent a camper for a month can vary wildly depending on the size, condition, and whether you’re renting from a private party or a company.

But expect to shell out $50 to $300 or more per night, depending on whether you want a towable travel trailer or a luxurious class A coach.

RV monthly rental cost by type

Here’s a breakdown of a potential monthly RV rental cost by RV type with little to no extras included:

  • Towable trailer — $1,590-$5,370.

  • Class C motorhome — $3,600-$10,500.

  • Class B motorhome or campervan — $3,840-$8,190. 

  • Class A motorhome — $5,070-$12,000.

The total price is based on the number of nights you reserve, so the longer you rent, the more the total will increase (though many rentals offer discounts for longer rental periods).

Examples of RV rental costs per month

If it’s real-world examples of the cost to rent an RV you want, look no further. Here are a few specific examples of what a month-long rental costs for a vacation in October. These prices may not include taxes, fees, and extras like outdoor grills, mileage or camping equipment.

Type of RV

Monthly rate

Rental company

Pop-up tow-behind

Outdoorsy.

Travel trailer

Cruise America.

Class B Campervan

Outdoorsy.

Class B Campervan

Large Motorhome

Cruise America.

Class A with pop-outs

Additional fees

Of course, a monthly RV rental will cost more than just the rental vehicle itself. Most rentals come with various taxes, fees for cleaning and mileage, and add-ons such as camping furniture and cookware.

For example, Cruise America charges an additional fee for every mile you drive, so if you plan to travel 3,000 miles, expect to pay an extra $1,140. The company also charges $75 per person for towels and sheets and $125 for kitchen essentials like plates and silverware. That means a $3,600 rental could easily become a $5,165 rental for a family of four, and that’s before you even fill up the tank.

Likewise, peer-to-peer rental companies can vary widely regarding the cost of additional amenities and fees. One Class A might include 125 miles per day for no extra charge, while another only allows 100 and charges 50 cents per additional mile.

One host may include camp chairs and a cooler but charge for linens, while another charges extra for linens, a camp stove and a tent for the kids. Delivery fees can vary, too, if you’d rather not pick up the RV yourself. So check to see if delivery is an option and if the owner will deliver for free within a certain radius or charge per mile.

How to save on renting an RV for a month

If you want to save some cash on your RV rental, you can certainly do a few things to stay within your budget.

First, choose the smallest RV you can comfortably get away with. For example, you probably don’t need a class A that sleeps seven people if there are only two of you.

Next, skip the extras and add-ons and bring your own camping and cooking supplies if it’s an option. If you’re flying across the country to rent an RV, packing camp chairs and cookware may not be feasible, but if you’re picking your ride up locally, you can probably save by opting out of add-ons.

Then, shop around. While renting from companies such as Cruise America offers more straightforward pricing, you can score a better deal by comparing prices (including add-ons, extra mileage and fees) on different rental sites, as owners set their own price and fee structures.

There’s no one way to save, just like there’s no one way to travel by RV. Our number one tip is to do some research before you book.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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With searches for Victorian decor rising by 850% in the last month alone, it is safe to say that Victoriana is having a bit of a moment. But while Victorian clothing with its high lace collars and puffy shoulders is widely known, the era’s decor style not so much. So what is the Victorian home decor trend? 

If you’re a diehard minimalist then Victorian decor is probably not going to be to your liking. The era spanning the years 1837 to 1901 is defined by a dark and moody aesthetic. It is a maximalist style of bold (but still dark) florals, patterns and colours. It might also be tied to the grandmillennial interiors trend that’s all about nostalgia and looking to our grandparents’ traditional houses for home decor ideas.

House of Hackney, a furnishing brand that sources much of its inspiration from the Victorian aesthetic.

Juliette Thomas, founder and director of interior design company, Juliettes Interiors, adds, ‘Jewel tones such as burgundy, emerald green, royal blue and rich reds exude Victorian style, whilst florals, velvet and paisley are three of the most easily recognised Victorian prints.’

(Image credit: House of Hackney)

Tom Revill, co-founder of Plank Hardware, chimes in, ‘The style often features heavy and intricate fabrics, like velvet and silk, in deep rich colours. These fabrics were used for draperies, upholstery and furnishings, adding a sense of luxury to the space.’

You can apply this trend to furniture too as the era favoured dark wood and ornate detailing.

‘Ornate furniture with intricate carvings, embellishments and heavy wooden elements with dark finishes are also heavily influenced by the Victorian era,’ confirms Juliette.

Steve concludes, ‘Rich Gothic detailing and architectural detail typify this era with the romance of this style still being popular today.’

Where does this trend come from?

(Image credit: Juliettes Interiors)

But who and what should we credit with the Victorian decor’s rise in popularity? Could it be because increasingly more people embrace vintage furniture and decor styles as we’ve seen recently with the bobbin home aesthetic trend?

Tom weighs in, ‘Vintage furniture appears to be taking the design world by storm this season. The revival of retro furniture styles, driven by a wave of nostalgia, is undeniably gaining popularity and allowing people to step away from the greys and beiges that have long dominated interiors.’

’The resurgence of vintage furniture may also be in response to contemporary period dramas entering the mainstream, like Bridgerton.’

How can you incorporate Victorian decor into your home?

(Image credit: House of Hackney)

If you take to Victorian decor and wonder how to incorporate these elements into your interior, then our experts offer some home decor ideas.

‘If you’re a fan of bold pattern and texture, you can incorporate it into your design scheme in a few ways – from an ornate sofa and paisley curtains and to darker, moodier hues via your curtains or a large rug to create a statement,’ Juliette recommends.

Tom of Plank Hardware has a few more ideas, ‘You can implement this in your living space by using a dark colour scheme and painting all of your walls the same shade, including the ceiling.’

(Image credit: Plank Hardware)

He also suggests adding brass hardware and shaker style kitchen ideas and cabinetry to your home, ‘With its warm golden hue, brass was widely used to create a variety of functional and decorative elements throughout homes during this period – brass handles, door knobs, hinges, and keyhole plates.’

‘Shaker-style cabinets are a key element in Victorian kitchens, known for their timeless and classic design. The simple, clean lines and unadorned look of Shaker cabinetry contribute to a design that can easily fit into various interior styles, from traditional to contemporary.’

We think that this dark, moody and cosy trend is perfect for the coming Autumn and Winter seasons.

Source: idealhome.co.uk

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Things are getting nasty in the mortgage world. Former Fannie Mae executive vice president and chief credit officer Edward Pinto slammed the FHA in an op-ed piece on the American Enterprise Institute (AEI) website today.

He opened his assault with a definition of predatory lending, which the FDIC defines as “imposing unfair and abusive loan terms on borrowers” and “taking advantage of borrowers’ lack of understanding of complicated transactions.”

This is often done through “aggressive sales tactics” and “outright deception.” Pinto then points out that the FHA’s mortgage insurance program qualifies as “predatory” under that definition.

Pinto Claims the FHA Overcharges Lower-Risk Borrowers

His first argument is that the FHA overcharges lower-risk applicants. He notes that hundreds of thousands of borrowers have been steered into FHA loans instead of cheaper conventional loans.

In fiscal year 2013, he claims roughly 200,000 home buyers that opted for FHA loans could have saved nearly $4,000 over the life of their loans, or $710 million collectively.

Additionally, Pinto points out that FHA premiums add up to 10% of the initial mortgage amount over the life of the loan. And because it doesn’t charge for credit risk, low-risk borrowers essentially pay to subsidize rates for high-risk borrowers.

He further explains that when the FHA was established back in the 1930s, cross-subsidization was “explicitly prohibited,” yet the average low-risk borrower with a $150,000 loan amount is paying an extra $9,000.

Finally, he likens the cross-subsidies to offering what he calls “abusive loan insurance” to scores of high-risk applicants.

He uses a typical FHA loan scenario, which involves a 600 FICO score (below subprime), a 98% loan-to-value ratio (barely any skin in the game), and a 43% DTI ratio (high-end of typical range).

These borrowers apparently have a one in four chance of losing their home to foreclosure, based on the FHA’s own actuarial study.

He Offers Up Strange Solutions to Fix the Predatory FHA

First, Pinto believes the FHA should provide private-government comparisons so borrowers know when and if a conventional loan might make more sense than an FHA loan.

Second, he thinks FHA borrowers should receive a disclosure both three days after loan application and three days before loan closing detailing their estimated risk of foreclosure, based on their loan characteristics.  (This would be amazing by the way.)

And if HUD Secretary Shaun Donovan won’t enact such measures, he’s calling on Congress to take matters into their own hands.

This is a pretty intense salvo, and one that seems a bit ill-timed. Over the past year and change, the FHA has made a number of changes to clean things up.

The most notable change was imposing a minimum credit score, and upping the credit score required for a 3.5% down mortgage.

At the same time, the FHA has increased mortgage insurance costs significantly to steer borrowers away from the agency and into conventional loans.

That’s the irony of this whole thing. The FHA has intentionally made itself less attractive to reduce the government’s role in housing, but this has made them “predatory” at the same time.

Ultimately, if a borrower doesn’t have at least 5% to put down on a home, they’ll likely turn to the FHA. And an otherwise low-risk borrower will essentially overpay for mortgage insurance. But perhaps that’s the “cost” of such a convenience.

If a conventional loan product with 3% down isn’t available, you can’t really get an apples-to-apples comparison.

(photo: Allan Lee)

Source: thetruthaboutmortgage.com