Credit unions Archives - Page 46 of 66

Apache is functioning normally

May 28, 2023 by Brett Tams

If you’re a senior, you might be wondering who the top reverse mortgage lenders in the nation are.

Unlike the traditional home loan market, the reverse mortgage industry is dominated by a small handful of companies.

Typically, these lenders specialize in reverse mortgage lending, as opposed to simply offering the loans alongside other options.

As a quick refresher, a reverse mortgage loan allows homeowners 62 and older (55 in some cases) to access cash in their property without monthly payments.

In 2021, reverse lenders originated 59,000 loans, a 36% increase from the 43,000 the year prior. Read on to see who made the top-10 list last year.

Top Reverse Mortgage Lenders

Ranking	Company Name	2021 Loan Count
1.	AAG	18,407 (31.3% share)
2.	FOA Reverse	10,575 (18% share)
3.	Reverse Mortgage Funding	6,177 (10.5% share)
4.	PHH Mortgage	4,319 (7.3% share)
5.	Mutual of Omaha	4,101 (7% share)
6.	Longbridge Financial	3,636 (6.2% share)
7.	Cornerstone First	3,296 (5.6% share)
8.	Open Mortgage	2,444 (4.2% share)
9.	HighTechLending	1,144 (1.9% share)
10.	Nationwide Equities	705 (1.2% share)

Last year, the top reverse mortgage lender in the country was American Advisors Group, or AAG for short.

The company originated more than 18,000 reverse mortgages in 2021, per HMDA data from the Consumer Financial Protection Bureau (CFPB).

While that might not sound like a lot of loans, it represented a staggering 31.3% market share.

So one company grabbed nearly a third of the entire reverse mortgage market. And yes, actor Tom Selleck of Magnum P.I. fame has been their spokesperson for a while now.

For perspective, the nation’s #1 mortgage lender (for forward mortgages), Rocket Mortgage, held an 8.8% market share in 2021.

AAG was also number one in 2020 with a slightly higher 35% market share.

In second place was Finance of America Reverse, the reverse mortgage division of FOA.

The company funded more than 10,500 reverse mortgages during the year, giving them an also impressive 18% market share. They ranked second in 2020 also with a 20.2% share.

Coming in third was Reverse Mortgage Funding LLC, which originated more than 6,000 loans for a 10.5% market share. They were third a year earlier as well with a very similar share.

In fourth was PHH Mortgage, which also offers forward mortgages to customers. The company managed to originate more than 4,300 reverse loans for a 7.3% market share.

Rounding out the top five was Mutual of Omaha Mortgage with about 4,100 loans funded for a 7% share of the market.

Collectively, the top five reverse mortgage lenders held about 75% of the overall market.

In sixth was Longbridge Financial with 3,600 loans funded and a 6.2% market share.

Seventh place went to Cornerstone First Financial with nearly 3,300 reverse loans funded for a 5.6% market share.

Behind them was Open Mortgage with nearly 2,500 reverse mortgages originated for a 4.2% share of the market.

HighTechLending Inc. (dba American Senior) took ninth with about 1,150 loans funded and a 1.9% market share, followed by Nationwide Equities Corp. with 705 loans and a 1.2% share.

Altogether, the top 10 reverse mortgage lenders held about a 93% share of the overall market.

Who Are the Top Rated Reverse Mortgage Companies?

We know who the biggest reverse mortgage lenders in the country are, but what about best?

That’s a different story, and one that can be difficult to quantify due to the many ratings websites out there.

However, I did some digging to find a good sample size of reviews for each company listed to see what customers think of them. We’ll also check out their Better Business Bureau (BBB) rating.

Starting with AAG, they have an “excellent” 4.5/5 score on Trustpilot from nearly 5,000 customer reviews. Their BBB rating is currently a ‘B+.’

Finance of America Reverse has a “great” 4/5 score on Trustpilot from about 500 reviews and an ‘A+’ BBB rating.

Reverse Mortgage Funding LLC has an excellent 4.6/5 score on Trustpilot from nearly 600 reviews and an ‘A+’ BBB rating.

PHH Mortgage has a 3.9/5 on Consumer Affairs from about 600 reviews and a ‘B+’ BBB rating. Other review sites didn’t have a large enough sample size.

Mutual of Omaha Reverse has a 3.9/5 score on Trustpilot from over 100 reviews and an ‘A+’ BBB rating.

Longbridge Financial has a 4.8/5 score on Trustpilot from nearly 800 reviews and an ‘A+’ BBB rating.

Cornerstone First Financial has a 4.9 rating from about 250 Google reviews and an ‘A+’ BBB rating.

Open Mortgage has a 4.91/5 on Zillow from about 25 reviews (most I could find) and an ‘A+’ BBB rating.

HighTechLending Inc. (dba American Senior) has a 4.95/5 on Zillow from about 110 reviews and an ‘A+’ BBB rating.

Lastly, Nationwide Equities Corp. has a 4.98/5 on Zillow from roughly 110 reviews and an ‘A’ BBB rating.

Remember to look beyond just the top names and also consider mortgage brokers, local credit unions, and more for in your search for a reverse mortgage.

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 28, 2023 by Brett Tams

With the never-ending changes and challenges affecting the U.S. financial landscape, multiple community development entities are helping to counter some of their adverse effects by fostering community development initiatives.

Some examples include Community Development Financial Institutions (CDFIs) and Community Development (CD) Banks. These play a significant role in promoting economic growth and inclusion for underserved communities.

This article thoroughly explores CDFIs and the institutions that support CDFIs, outlining their significance, objectives, and how they meet capacity building initiative requirements. We also highlight the federal government’s involvement, explaining its role evolution and the numerous related economic development activities available to those who need them.

What is a Community Development Financial Institution (CDFI)?

Community Development Financial Institutions (CDFIs) are a type of financial institution that provides products and services to financially disadvantaged communities for economic development purposes.

They are essential and critical in promoting inclusion and economic growth to marginalized communities in urban and rural communities countrywide. Legislations like the Community Reinvestment Act help encourage these programs. However, the Community Reinvestment Act is not the only reason for their existence.

CDFI Certification

To become a CDFI, a financial institution must apply for a CDFI certification. This certification ensures that the institution can receive the right federal assistance resources and allows people to benefit from the CDFI fund’s programs.

How did the concept of CDFIs start?

The roots of Community Development Financial Institutions (CDFIs) extend to the 1880s, when minority-owned banks began serving economically disadvantaged communities. These organizations provided essential financial services to areas that mainstream financial institutions neglected or could not reach.

As the years progressed, new types of mission-driven financial institutions emerged. For example, the development of credit unions in the 1930s and 1940s offered alternatives to the traditional community bank that had limited services.

Moreover, new community development corporations emerged in the 1960s and 1970s, providing additional resources and support for underserved areas. These institutions gradually paved the way for the rise of nonprofit loan funds in the 1980s, establishing the groundwork for today’s modern CDFI model.

The Riegle Community Development and Regulatory Improvement Act of 1994 recognized the need to support the growing community development finance sector. With that in mind, it established the Community Development Financial Institutions Fund (CDFI Fund). This fund aimed to promote economic revitalization and community development in low-income areas by investing in and providing assistance to CDFIs.

Since its inception, the CDFI Fund played a substantial role in the growth and impact of CDFIs, enabling them to serve the financial needs of economically disadvantaged communities and contribute to their overall development and prosperity.

Types of CDFIs

Currently, multiple types of Community Development Financial Institutions (CDFIs) exist, each catering to the unique needs and challenges economically disadvantaged communities face. We explore their types and roles below.

Community Development Banks

Community Development Banks are for-profit, federal government supported and regulated financial institutions. These institutions have a board of directors that includes community representatives. CD banks provide affordable banking services, loans, and other financial products to economically distressed and underserved communities.

Operating in these communities creates jobs, improves infrastructure, and promotes economic growth. They also help increase access to capital for small businesses, including affordable housing projects and community service facilities.

Community Development Credit Unions

Community Development Credit Unions (CDCUs) are nonprofit financial cooperatives owned and controlled by their members. As is the case with traditional credit unions, they provide financial services such as savings accounts, checking accounts, and loans.

CDCUs only cater to low-income and underserved communities, offering affordable rates and financial education programs to promote inclusion and help people build credit and assets. The National Credit Union Administration (NCUA), an independent federal agency, regulates these credit unions.

Community Development Loan Funds

Community Development Loan Funds, or CDLFs, are nonprofit entities that finance community development projects by offering loans and technical assistance to marginalized communities. They facilitate access to affordable housing, promote small businesses, and help establish community service facilities to sustain growth. They also serve as an alternative source of capital for those who cannot access traditional bank financing services by offering flexible terms and underwriting criteria.

Community Development Venture Capital Funds

Community Development Venture Capital Funds offer equity and debt-with-equity investments to small and medium-sized businesses in economically distressed areas. They can be for-profit corporations or nonprofit entities.

By offering long-term capital, they help businesses grow, create jobs, and foster innovation. They also provide technical assistance, mentoring, and business development support to maintain the long-term success of their portfolio companies.

Microenterprise Development Loan Funds

Microenterprise Development Loan Funds are loan funds that provide small-scale loans, or microloans, to entrepreneurs and small businesses that might not qualify for traditional financing. They offer small capital amounts that range from hundreds to a few thousand. These loan funds help low-income people, women, and minority entrepreneurs who need smaller loan amounts and more flexible terms.

Community Development Financial Institution (CDFI) Consortia

CDFI Consortia are collaborative networks of CDFIs that pool resources, experience, and capital to increase their impact on community development services. They can access larger funding opportunities and share best practices to serve their target communities by working together. They can also provide joint technical assistance and support services, helping to strengthen individual CDFIs that are part of the network.

Understanding Community Development Financial Institutions

The main goal of CDFI fund programs is to provide affordable loans, community development banking services, financial help, and technical assistance to low-income communities. They foster economic development and empower small business owners, minorities, and marginalized communities by offering access to investment capital and other resources with fewer demands than traditional finance institutions.

CDFIs differ from traditional financial institutions because they focus on community development and serving minority communities. They also collaborate with religious institutions, community service organizations, and rely on federal funding and agencies to address the needs of their target populations.

What’s the federal government’s role in CDFIs?

The Federal Reserve Bank supports CDFIs through various initiatives, tax credits, and programs. One such program is the CDFI Fund, which the U.S. Department of the Treasury administers. The CDFI Fund provides financial, technical, and other resources to CDFIs, casting a wider net to help low income people and communities access their services.

In addition to the CDFI Fund, the Federal Reserve Bank supports CDFIs through programs and training initiatives such as:

Bank Enterprise Award Program
Capital Magnet Fund
CDFI Bond Guarantee Program
CDFI Equitable Recovery Program
CDFI Program
Rapid Response Program
Native Initiatives
New Markets Tax Credit Program
Small Dollar Loan Program

These initiatives by the Federal Reserve Bank provide financial incentives and resources for CDFIs and community development entities to invest in eligible community projects, promote economic growth, and create jobs.

How has that federal role changed over time?

The federal government’s role in supporting the CDFI industry changes over time to respond to the changing needs of disadvantaged communities and the growing recognition of the importance of financial inclusion.

Early efforts, for example, provided seed capital and technical assistance to establish and grow CDFIs. With the maturation and evolution of the industry, the government started focusing on building capacity, collaboration, and supporting innovative endeavors.

Recent changes emphasize leveraging private sector investments, regulatory relief, and encouraging partnerships between the CDFI industry and other financial institutions. Examples include minority depository institutions (MDIs) and mainstream banks.

CDFIs’ Role in Financial Inclusion

Financial inclusion is an essential part of CDFI initiatives. Access to affordable financial products and services helps bridge the gap between poor communities and mainstream financial institutions. CDFIs also promote financial knowledge, support small businesses, finance affordable housing activities, and facilitate economic development initiatives.

CDFIs also ensure that economically distressed communities can access essential community services facilities like healthcare centers, schools, and childcare. Their work helps contribute to these communities’ overall well-being and stability. It creates a solid foundation for long-term economic growth.

Business Model

CDFI business models are unique in combining traditional financial services with a strong emphasis on developing and positively impacting the communities they cater to.

They generate revenue by collecting interest and fees on loans, investments, and other financial products. However, they also rely on grants, donations, and especially government funding like the CDFI fund to support their operations.

CDFIs collaborate with organizations like government agencies, nonprofits, and private sector partners to attain their goals. Additionally, they leverage tax credits, guarantees, and other financial tools to attract more investment capital and support their lending activities.

CDFIs Provide Opportunity for All

CDFIs provide real opportunities by addressing the financial needs of underserved communities to help them succeed and promote their economic growth. To do this, they offer access to affordable financial products and services to communities that experienced systematic lockouts from these programs.

By emphasizing their needs and giving them more accessible and affordable ways to prosper, low-income individuals and businesses have access to essential financial tools. These tools were traditionally out of reach for mainstream financial institutions.

Moreover, CDFIs support small businesses owned by women, minorities, and individuals in economically distressed communities. By offering tailored financing solutions, technical assistance, and business planning resources, CDFIs help these entrepreneurs overcome barriers to entry, create jobs, and contribute to local economies.

Another significant aspect of CDFIs’ work is their focus on affordable housing and community development projects. They finance the construction and rehabilitation of affordable housing units and invest in community facilities like schools, healthcare facilities, and childcare. These are essential to the well-being and stability of low-income communities and help them worry less about factors beyond their control or that are too expensive to access otherwise.

CDFIs also promote financial education and empowerment by providing resources and training to help people develop financial literacy skills, manage their finances, and build assets. These initiatives contribute to breaking the cycle of poverty and promoting economic self-sufficiency.

By partnering with various stakeholders, such as government agencies, nonprofit organizations, and private sector partners, CDFIs leverage resources and expertise to maximize their impact. This creates a ripple effect that extends beyond the immediate recipients, fostering inclusive and resilient communities.

Types of CDFIs

Many community development financial institutions focus on addressing the needs of economically disadvantaged communities. These include community development banks, credit unions, loan funds, and venture capital funds.

Federal agencies like the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) regulate community development banks and credit unions. They offer various banking services, from deposit accounts to loans, catering to low-income communities.

Loan funds make affordable housing possible, support small businesses, and help community facilities. On the other hand, venture capital funds offer equity investments that support small businesses and startups in underserved communities.

“Newer” CDFI Resources

As community development financial institutions evolve, multiple resources and programs are emerging to support their growth and impact. Examples include:

CDFIs as Capital Plus Institutions

Sometimes, community development financial institutions are called “Capital Plus” institutions. This is because they provide investment capital, development services, technical assistance, and financial education to support the long-term success of their clients.

This approach allows community development financial institutions to significantly impact low-income and economically distressed communities, promoting economic opportunity and inclusion.

Emergency Capital Investment Program (ECIP)

The Emergency Capital Investment Program (ECIP) is a federal initiative that provides capital to CDFIs and MDIs to support their lending activities after the economic challenges caused by COVID-19. This program helps ensure that these institutions have the resources to continue providing essential financial services to underserved communities, small businesses, and minority-owned businesses during times of crisis.

Paycheck Protection Program Liquidity Facility (PPPLF)

The Paycheck Protection Program Liquidity Facility (PPPLF) is another federal initiative that supports the lending activities of CDFIs and other financial institutions participating in the Small Business Administration (SBA) Paycheck Protection Program (PPP). By providing liquidity to these institutions, the PPPLF enables them to continue offering loans to small businesses needing financial assistance during challenging economic times.

CDFI Rapid Response Program

The Rapid Response Program from the CDFI Fund provides immediate financial assistance during crises or natural disasters. CDFIs can quickly access funds for disaster recovery, emergency relief efforts, and other needs, serving as “financial first responders” for the communities they support.

These newer resources and programs demonstrate how the federal government, private sector, and other stakeholders support the work of CDFIs and promote financial inclusion and economic opportunity. By leveraging these resources, CDFIs can better address the needs of low-income communities nationwide and foster economic development in urban and rural communities.

Source: crediful.com

Apache is functioning normally

May 28, 2023 by Brett Tams

Today we’ll take a hard look at the top mortgage lenders in Tennessee by loan volume.

Last year, nearly 1,200 mortgage companies battled it out for first place, but only one could claim the top spot.

Collectively, these lenders funded about $102 billion in mortgages in The Volunteer State, which was likely an annual record.

Despite being located a couple states due north of Tennessee, Rocket Mortgage was the top lender in the state.

Read on to see who else made the top 10 list.

Top Mortgage Lenders in Tennessee (Overall)

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$5.6 billion
2.	Pennymac	$3.6 billion
3.	U.S. Bank	$2.7 billion
4.	Wells Fargo	$2.6 billion
5.	Mortgage Investors Group	$2.6 billion
6.	Pinnacle Bank	$2.3 billion
7.	FirstBank	$2.2 billion
8.	AmeriHome Mortgage	$2.2 billion
9.	Freedom Mortgage	$2.2 billion
10.	loanDepot	$2.1 billion

Rocket Mortgage came in first with $5.6 billion in home loan volume in the state of Tennessee during 2021, per HMDA data from Richey May.

The Detroit-based company had no problem beating out the competition, with second place Pennymac only able to muster $3.6 billion in annual loan volume.

They were trailed by U.S. Bank with $2.7 billion and Wells Fargo with $2.6 billion funded.

In fifth was Knoxville, Tennessee’s own Mortgage Investors Group (MIG) with $2.6 billion.

The rest of the top 10 included Nashville-based Pinnacle Bank and FirstBank, AmeriHome Mortgage, Freedom Mortgage, and loanDepot.

Overall, three of the top 10 mortgage companies in Tennessee are based in the state.

Top Tennessee Mortgage Lenders (for Home Buyers)

Ranking	Company Name	2021 Loan Volume
1.	Mortgage Investors Group	$1.9 billion
2.	Pennymac	$1.8 billion
3.	Movement Mortgage	$1.4 billion
4.	U.S. Bank	$1.3 billion
5.	Pinnacle Bank	$1.1 billion
6.	AmeriHome Mortgage	$1.1 billion
7.	Rocket Mortgage	$1.1 billion
8.	Wells Fargo	$1.1 billion
9.	FirstBank	$1.0 billion
10.	Veterans United	$983 million

When we focus on home buyers only, Mortgage Investors Group (MIG) took the cake with $1.9 billion funded.

As I always say, home buyers tend to gravitate toward local companies because it’s such a big financial moment.

In second was Pennymac with a close $1.8 billion, followed by Movement Mortgage with $1.4 billion funded.

Fourth went to U.S. Bank with $1.3 billion in loan origination volume, while local Pinnacle Bank snagged fifth with $1.1 billion.

The bottom half of the top 10 included AmeriHome Mortgage, Rocket Mortgage, Wells Fargo, FirstBank, and Veterans United Home Loans.

Again, three of the top 10 were actually headquartered in the state of Tennessee.

Top Refinance Lenders in Tennessee

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$4.5 billion
2.	Freedom Mortgage	$1.9 billion
3.	Pennymac	$1.8 billion
4.	Wells Fargo	$1.5 billion
5.	loanDepot	$1.4 billion
6.	U.S. Bank	$1.3 billion
7.	Mr. Cooper	$1.3 billion
8.	UWM	$1.1 billion
9.	AmeriHome Mortgage	$1.1 billion
10.	Regions Bank	$1.0 billion

When we turn our attention to mortgage refinances, reserved for existing homeowners, Rocket Mortgage really blasts off.

The company funded $4.5 billion in refis in the state last year, more than doubling the volume of second placed Freedom Mortgage’s $1.9 billion.

In third was Pennymac with $1.8 billion – the SoCal based company acts mostly as a correspondent lender, meaning their product is resold by smaller banks and credit unions.

Taking fourth was former #1 (nationally) Wells Fargo with $1.5 billion funded, followed by loanDepot with $1.4 billion.

In sixth was U.S. Bank, followed by Mr. Cooper, United Wholesale Mortgage (UWM), AmeriHome Mortgage, and Regions Bank.

When it came to refis, no Tennessee-based company made the top-10 list. This isn’t a huge surprise since they’re price-driven as opposed to relationship-driven.

Top Mortgage Lenders in Nashville

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$2.3 billion
2.	U.S. Bank	$1.5 billion
3.	FirstBank	$1.4 billion
4.	Pinnacle Bank	$1.4 billion
5.	loanDepot	$1.3 billion
6.	Pennymac	$1.2 billion
7.	Wells Fargo	$1.2 billion
8.	Chase	$1.1 billion
9.	AmeriHome Mortgage	$988 million
10.	UWM	$974 million

Top Mortgage Lenders in Memphis

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$947 million
2.	Community Mortgage Corp.	$652 million
3.	Pennymac	$641 million
4.	Wells Fargo	$592 million
5.	U.S. Bank	$491 million
6.	Freedom Mortgage	$471 million
7.	First Tennessee Bank	$360 million
8.	Patriot Bank	$355 million
9.	AmeriHome Mortgage	$344 million
10.	Pinnacle Bank	$335 million

The Best Tennessee Mortgage Lenders

When we turn our attention to customer reviews instead of loan volume, we can get a better guess regarding who the best Tennessee mortgage lenders are.

After all, a big company can originate a lot of loans and still have mediocre customer service.

So I headed to Zillow to check out the reviews for Tennessee-based mortgage lenders.

The only one from the list above was Mortgage Investors Group (MIG). And they had a solid 4.97/5 rating from over 2,700 reviews.

Others not on the lists above included Acopia Home Loans (4.95/5), Churchill Mortgage (4.96/5), Accurate Mortgage Group (4.98/5), and Bank of Tennessee (4.99/5).

If you want to stay local, there are plenty of highly-rated mortgage lenders in the state.

But if you don’t, many of the companies in the lists above also come with stellar reviews.

As always, take the time to do your research and comparison shop to ensure you find the right fit for your situation.

(photo: andrew prickett)

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 28, 2023 by Brett Tams

It might surprise you to learn that the average ATM fee in America is $4.57. Considering that the minimum withdrawal amount is $20, you effectively pay 25% more if you use an out-of-network ATM with such a high fee.

Of course, your actual fees will vary depending on where you live and what type of ATM you use. However, it’s fair to say that these fees can really add up.

5 Easy Ways to Avoid ATM Fees

You don’t have to resign yourself to paying a lifetime of expensive ATM fees. Instead, use a bit of preparation to ensure you can access your cash for free whenever you need it.

As Ben Franklin famously said, “An ounce of prevention is worth a pound of cure.” In this case, a few minutes of preparation are worth a lot of cash savings. Ready to never pay ATM fees again?

1. Look for Banks that Reimburses ATM Fees

Even if your bank does participate in an ATM network, it’s also good to find one that reimburses your ATM fees. Some banks even reimburse international ATM fees.

There are a few ways they do this: some offer an unlimited reimbursable amount, while others might cap it out between $10 and $25 each month. So, how does ATM fee reimbursement work? Typically, you’ll still have to pay the fee upfront.

Your bank then credits any applicable ATM fees to your account balance at the end of your billing cycle. So, you generally have to wait a bit of time before seeing that money. Still, it’s much better than never seeing it at all! Interested in finding a financial institution that offers ATM fee reimbursements?

Banks and Credit Unions That Reimburse Out-of-Network ATM Fees

Alliant Credit Union – reimburses up to $20 per month
Ally Bank – reimburses up to $10 per statement cycle for ATM fees charged at other ATMs nationwide
Axos Bank – unlimited ATM fee reimbursements domestically
BankFive – up to $15 reimbursed each cycle
Charles Schwab Bank – unlimited ATM reimbursements worldwide
First Republic Bank – reimburses third-party fees worldwide
Incredible Bank – automatically reimburses ATM fees
Radius Bank – unlimited ATM fee reimbursements domestically
SoFi Money – ATM fees reimbursed worldwide
Upgrade – up to five ATM reimbursements each month

Top Banks and Credit Unions That Don’t Charge ATM Fees Within Their Network

Aspiration – over 55,000 fee-free ATMs
Capital One 360 – over 70,000 Capital One or Allpoint ATMs at zero cost
Chase – over 16,000 fee-free ATMs
Chime – over 60,000 fee-free¹ ATMs
Citibank – over 65,000 ATMs fee-free to customers
Current – over 40,000 fee-free ATMs
Fifth Third Bank – over 50,000 fee-free ATMs
PeoplesChoice Credit Union – over 85,000 fee-free ATMs
PenFed Credit Union – over 85,000 fee-free ATMs
Wells Fargo – free access to over 13,000 ATMs

As you can see, there are plenty of financial institutions offering fee-free options that allow you to avoid ATM fees. Many of these bank accounts also come with no monthly fees. You can narrow down the list by reviewing other account features. You should also take into account how much foreign travel you do.

2. Plan in Advance

If your day entails going to Target or shopping online, it’s safe to assume you won’t need cash. But if you’re headed out to a less mainstream operation, check ahead to see if the business accepts debit or credit cards.

It’s as simple as a quick Google search on your phone to check out their payment options. If there’s no website available, see what people have to say on Yelp or Facebook. Message or call the business to check their policy in advance. While many small businesses use their smartphone or tablet to process electronic payments, you shouldn’t assume they all do.

This is especially true if you’re visiting a small operation. A farmer’s market or pick-your-own-strawberry field very well may only accept cash. Food truck rallies, small outdoor concerts, and cheap (but tasty) local dives may operate on a cash-only basis.

These are exactly the types of businesses that need loyal customers like you to support them. But when working with limited funds or limited Wi-Fi, accepting cards may not be an option for these businesses.

Do them and yourself a favor by checking acceptable forms of payment ahead of time, especially when it comes to local businesses. It might be easier to go to a big box store. However, it won’t be half as much fun or have as large of an impact on your community as supporting the little guys. Just prepare in advance, so you can avoid taking a U-turn to hit up an ATM once you’re there.

3. Keep Backup in Your Wallet

It’s perfectly reasonable to attempt to minimize what you carry around in your wallet. After all, you’re probably also saddled down with a bulky smartphone and keychain.

Amidst your driver’s license, debit cards, credit cards, health insurance card, and whatever else that lives in your wallet, you should also carry some backup cash. But, of course, you probably don’t want to walk around carrying a thick wad of money in your wallet.

The chances are low that you’d ever get robbed, but it’s certainly not impossible, especially if you live in a large city. Still, keeping a $20 bill in your pocket can save you a huge headache at some point down the road.

That amount should most likely cover a cab ride, lunch, or other last-minute cash expense you might encounter. And if you do happen to lose your wallet for some reason, you’re not missing a massive chunk of change.

Carry a Blank Check

Another great way to avoid last-minute trips to the ATM is to carry a blank check in your wallet. This gives you a little more leeway than a $20 bill because you can write out the check for however much you want.

If you happen to lose your wallet, or it gets stolen, you’re not out any cash. Of course, you might want to stop payment on the check number, but even that may not be necessary since you didn’t sign it.

Not everyone still accepts checks because of the chance of someone writing a bad one. But in many instances, it can save you time, money, and the aggravation of having to go out in search of an ATM. Adding a simple blank check and $20 can go a long way in ensuring that you’re prepared for any situation that requires a certain amount of cash.

4. Use Your Debit Card to Get Cash Back

A simple but often forgotten way to avoid paying ATM fees is to get cashback on a store purchase. You’ll need a debit card rather than a credit card for this tactic, but otherwise, it’s pretty straightforward.

Make a low-cost purchase at a gas station, drugstore, or other convenient retailer and request money back from your bank account during the payment process. However, there are a few conditions that come with this strategy.

First, it’s not technically free since you do have to pay money to get your cash. But you do actually get something for that money, unlike an ATM fee.

In addition, note whether the establishment has a minimum for either a debit purchase or getting cashback. Ideally, you can get away with buying a cheap drink or snack for one or two dollars. At some places, however, you have to spend $5 or more to use your debit card.

Cash Back Limits

Another factor to consider when getting money through cashback is that there may be a maximum amount you’re able to receive. For instance, CVS only allows for $35 as cashback.

If you need more than that, you may have to visit a few different stores. That can quickly add up if you’re making small purchases at each one. While these limits can be annoying, there is an upside to using cashback for money rather than an expensive ATM.

That’s the flexibility you have in the types of bills and coins you receive. While ATMs usually only dispense cash in $20 bills, you can request any combination of money with cashback. It’s also convenient if you only need a small amount and don’t want to (or can’t) withdraw in $20 increments. Before you hit an ATM, see if a retail store can meet your needs with cashback.

5. Check Your Bank’s ATM Network

If you find it necessary to track down an ATM, look for one in your bank’s network. This allows you to avoid ATM fees from two different parties. How?

Unfortunately, when you use an ATM that’s out of your bank’s network, you’re typically charged twice: once by the company operating the ATM and once by your bank. It’s a double whammy that really hurts your bottom line. So first, look to see if your actual bank has a branch location with an ATM near you.

This is the simplest way to ensure you won’t incur any extra charges. If there are none nearby, check the back of your debit card to see if any other ATM networks are listed. You can also download your bank’s app to use an ATM locator. It’s a quick and easy way to find a no-fee ATM — plus, it’s usually free.

The Largest ATM Networks

Some of the most common ATM networks include Allpoint, MoneyPass, and Co-op Solutions. Allpoint, for example, has 55,000 ATMs in the U.S. and ATMs in Canada, Puerto Rico, the U.K., Australia, and Mexico.

So, you can enjoy fee-free cash in some popular international destinations as long as your bank or credit union participates. MoneyPass is only found in the U.S. and Puerto Rico. It’s in many convenient locations, including Walmart.

Co-op is a similar service that focuses on credit union members. It has more than 30,000 ATMs and 5,000 shared branches throughout the nation. Participating credit union members can easily access fee-free money just about wherever they are.

Ask your bank or credit union where you have your checking account if they participate in any of these ATM networks. If they don’t, and you frequently use ATMs, it might be time to open a new bank account.

Final Thoughts

ATM fees can be especially high when traveling abroad. So, having a bank account like the Charles Schwab Investor Checking or SoFi Money can result in a lot of savings. Not to mention, some of them act as savings accounts and have similar interest rates, so you can actually earn money too.

ATM fee reimbursement isn’t the only feature you should consider when choosing a checking account. However, it could be the most important if you frequent ATMs often.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

Source: crediful.com

Apache is functioning normally

May 27, 2023 by Brett Tams

Let’s check out the top mortgage lenders in Minnesota based on the most recent year’s loan volume.

Around 750 mortgage companies originated roughly $91 billion in home loans in The North Star State last year.

But only one company bested the rest – and they’re actually headquartered in Minnesota!

Yes, I’m referring to U.S. Bank, which is located in Minneapolis, MN.

Read on to see which other mortgage lenders were active in the Land of 10,000 Lakes.

Top Mortgage Lenders in Minnesota (Overall)

Ranking	Company Name	2021 Loan Volume
1.	U.S. Bank	$6.4 billion
2.	Wells Fargo	$4.8 billion
3.	Bell Bank	$4.4 billion
4.	Rocket Mortgage	$3.9 billion
5.	UWM	$2.7 billion
6.	Summit Mortgage	$2.6 billion
7.	Pennymac	$2.2 billion
8.	CrossCountry Mortgage	$2.1 billion
9.	Chase	$1.7 billion
10.	loanDepot	$1.6 billion

As mentioned, U.S. Bank took the top spot in its home state with $6.4 billion in home loans funded during 2021, per HMDA data from Richey May.

That was more than enough to beat out its closest rival, Wells Fargo, which originated $4.8 billion in the state.

A third bank, Bell Bank, out of nearby Fargo, North Dakota, took third place with $4.4 billion in home loan volume.

It’s rare these days to see a depository bank lead in the mortgage world, and even more uncommon to see the top three all big banks.

Nowadays, it is nonbanks like Rocket Mortgage that tend to be the biggest players in the industry.

Speaking of, Rocket took fourth with $3.9 billion funded, followed by its rival United Wholesale Mortgage (UWM) with $2.7 billion in loan origination volume.

The rest of the top 10 included Summit Mortgage, Pennymac, CrossCountry Mortgage, Chase, and loanDepot.

Just two of the ten companies listed above are headquartered in Minnesota; U.S. Bank and Summit Mortgage, though Wells Fargo has a big presence in the state.

And many of the other companies are in the region, whether it’s Ohio, Michigan, or South Dakota.

Top Minnesota Mortgage Lenders (for Home Buyers)

Ranking	Company Name	2021 Loan Volume
1.	U.S. Bank	$3.0 billion
2.	Bell Bank	$2.4 billion
3.	Summit Mortgage	$1.6 billion
4.	Wells Fargo	$1.5 billion
5.	CrossCountry Mortgage	$1.3 billion
6.	UWM	$1.1 billion
7.	Pennymac	$897 million
8.	Prosperity Home	$862 million
9.	Alerus Financial	$788 million
10.	Fairway Independent	$782 million

If the top lenders are filtered to include home purchase loans only, the list doesn’t change too much.

Once again, U.S. Bank led the list with $3 billion funded, followed by Bell Bank with $2.4 billion, and Summit Mortgage with $1.6 billion.

In fourth was Wells Fargo with $1.5 billion and CrossCountry Mortgage took fifth with $1.3 billion.

Pontiac, Michigan-based UWM took sixth with $1.1 billion funded, pretty decent given they only work with mortgage brokers.

In seventh was SoCal-based Pennymac with $897 million, a big correspondent mortgage lender that lets smaller companies resell its products.

They were followed by Prosperity Home Mortgage, Alerus Financial (another ND company), and Fairway Independent Mortgage out of Wisconsin.

Overall, no major surprises and a good chunk of local companies from Minnesota or nearby states.

Top Refinance Lenders in Minnesota (for Existing Homeowners)

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$3.3 billion
2.	Wells Fargo	$3.2 billion
3.	U.S. Bank	$3.0 billion
4.	Bell Bank	$1.9 billion
5.	UWM	$1.6 billion
6.	Freedom Mortgage	$1.3 billion
7.	Pennymac	$1.3 billion
8.	loanDepot	$1.2 billion
9.	Chase	$1.1 billion
10.	Mr. Cooper	$953 million

When it came to mortgage refinances, Rocket Mortgage outdid the rest with $3.3 billion funded in Minnesota.

Not a surprise as they are the top mortgage lender in the U.S. and refis often aren’t dominated by local companies like purchase loans can be.

In second was Wells Fargo with a very close $3.2 billion, impressive given their multiple mortgage controversies over recent years.

U.S. Bank also wasn’t far off with $3.0 billion funded, making the top three pretty closely contested.

Bell Bank took fourth with a respectable $1.9 billion, followed by UWM with $1.6 billion funded.

Places six through 10 went to Freedom Mortgage, Pennymac, loanDepot, Chase, and Mr. Cooper.

Actually quite a few local companies in the mix, which often isn’t the case with refis.

Top Mortgage Lenders in Minneapolis-St. Paul

Ranking	Company Name	2021 Loan Volume
1.	U.S. Bank	$5.1 billion
2.	Wells Fargo	$3.9 billion
3.	Bell Bank	$3.8 billion
4.	Rocket Mortgage	$3.1 billion
5.	Summit Mortgage	$2.4 billion
6.	UWM	$2.0 billion
7.	CrossCountry Mortgage	$1.9 billion
8.	Pennymac	$1.8 billion
9.	Chase	$1.7 billion
10.	Alerus Financial	$1.5 billion

Are the Best Minnesota Mortgage Lenders Also the Biggest?

We know U.S. Bank is the top mortgage lender in Minnesota. And they’re also top rated, with a 4.98/5 rating on Zillow from about 11,000 reviews.

That’s pretty impressive as it is near perfection, and since the reviews come from Zillow, we know they are related to their home loans division, as opposed to other banking activity.

Despite its issues, Wells Fargo also scored well on Zillow too, with a 4.95/5 rating from over 4,000 reviews.

I couldn’t find a ton of reviews for Bell Bank, but they did have a 4.1/5 from about 50 Google reviews, and a 4.5/5 on WalletHub from about 250 reviews.

Local lender Summit Mortgage also has top marks on Zillow, with a 4.98/5 from about 1,500 reviews.

One lender not on the lists above is Bloomington-based AMEC Home Loans, which has a similarly solid 4.96/5 from over 2,200 customer reviews.

There’s also TruStone Financial Credit Union, which has a 4.98/5 from about 800 reviews.

And there are countless mortgage brokers, local credit unions, and independent lenders that could be a good fit as well.

At the end of day, biggest isn’t always best, so put in the time to research mortgage companies of all sizes to find the right fit.

(photo: Doug Kerr)

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 27, 2023 by Brett Tams

Now we’ll rank the top mortgage lenders in Wisconsin, based on the most recent year’s completed loan volume.

These are the largest lenders in The Badger State based on available HMDA data for 2021. Collectively, more than 800 lenders funded $70 billion there during the year.

Interestingly, it appears that Wisconsinites are big on using their own local companies instead of larger, national brands.

At least when it comes to home loans, as the top three mortgage companies are all headquartered in the state.

Read on to see which company led the way in mortgage origination last year in Wisconsin.

Top Mortgage Lenders in Wisconsin (Overall)

Ranking	Company Name	2021 Loan Volume
1.	Summit CU	$2.7 billion
2.	Associated Bank	$2.4 billion
3.	UW Credit Union	$2.4 billion
4.	Rocket Mortgage	$2.3 billion
5.	Wells Fargo	$2.0 billion
6.	Chase	$1.9 billion
7.	U.S. Bank	$1.8 billion
8.	Landmark CU	$1.8 billion
9.	Fairway Independent	$1.7 billion
10.	Johnson Bank	$1.6 billion

As noted, a Wisconsin-based lender topped the charts in 2021, per HMDA data from Richey May.

It was none other than Madison-based Summit Credit Union, which funded $2.7 billion in the state of Wisconsin last year.

In second was Green Bay-based Associated Bank with a close $2.4 billion, followed by Madison-based University of Wisconsin Credit Union (UW Credit Union) with $2.4 billion.

This is interesting for a few reasons – one being that the top three are all Wisconsin-based, and the other that the top three consist of two credit unions and a bank.

That bucks the trend of nonbank mortgage lenders ruling the roost in many other states throughout the nation.

In fourth was the nation’s top mortgage lender, Rocket Mortgage, which funded $2.3 billion. They also happen to be situated fairly close to Wisconsin.

And in fifth was San Francisco-based Wells Fargo with $2.0 billion, formerly the top lender in the United States.

The rest of the top 10 included Chase, U.S. Bank, Landmark Credit Union (New Berlin, WI), Fairway Independent Mortgage (Madison, WI), and Johnson Bank (Racine, WI).

All told, six of the top 10 mortgage lenders in Wisconsin are based in the state, which is pretty impressive.

That might lead all other states in terms of the number of homegrown companies in the top-10 list.

Top Wisconsin Mortgage Lenders (for Home Buyers)

Ranking	Company Name	2021 Loan Volume
1.	Associated Bank	$1.2 billion
2.	Fairway Independent	$1.1 billion
3.	Chase	$878 million
4.	U.S. Bank	$649 million
5.	Summit CU	$640 million
6.	UW Credit Union	$633 million
7.	Johnson Bank	$610 million
8.	Wells Fargo	$608 million
9.	Rocket Mortgage	$467 million
10.	Newrez	$442 million

If we look at home purchase loans only, Associated Bank took the top spot with $1.2 billion funded, followed by nonbank lender Fairway Independent Mortgage with $1.1 billion.

In third was NYC-based Chase with $878 million, trailed by U.S. Bank with $649 million and Summit CU with $640 million.

Others in the top-10 list for home buyers included UW Credit Union, Johnson Bank, Wells Fargo, Rocket Mortgage, and Newrez.

So when it came to purchase lending, five of the top 10 were Wisconsin-based. Still pretty impressive.

Generally, consumers tend to flock toward local companies when buying a home.

Top Wisconsin Refinance Lenders (for Existing Homeowners)

Ranking	Company Name	2021 Loan Volume
1.	Summit CU	$1.8 billion
2.	Rocket Mortgage	$1.8 billion
3.	UW Credit Union	$1.7 billion
4.	Wells Fargo	$1.4 billion
5.	Landmark CU	$1.4 billion
6.	Associated Bank	$1.2 billion
7.	U.S. Bank	$1.1 billion
8.	Chase	$968 million
9.	Johnson Bank	$907 million
10.	Freedom Mortgage	$830 million

When it came to mortgage refinances, amazingly a Wisconsin-based lender still took the top spot, but just barely.

Summit CU funded roughly $1.8 billion in refis last year, just enough to beat out Rocket Mortgage’s similar tally.

UW Credit Union took third with $1.7 billion, followed by Wells Fargo with $1.4 billion and Landmark CU with $1.4 billion.

The rest of the best included Associated Bank, U.S. Bank, Chase, Johnson Bank, and Freedom Mortgage.

Once again, five of the top 10 were Wisconsin-based mortgage lenders, another feat for the home team.

Top Mortgage Lenders in Milwaukee

Ranking	Company Name	2021 Loan Volume
1.	Landmark CU	$1.4 billion
2.	Wells Fargo	$954 million
3.	Associated Bank	$943 million
4.	Chase	$902 million
5.	Newrez	$662 million
6.	Fairway Independent	$638 million
7.	UW Credit Union	$591 million
8.	Rocket Mortgage	$591 million
9.	U.S. Bank	$560 million
10.	Summit CU	$524 million

Top Mortgage Lenders in Madison

Ranking	Company Name	2021 Loan Volume
1.	Summit CU	$1.6 billion
2.	UW Credit Union	$1.5 billion
3.	Fairway Independent	$522 million
4.	The Park Bank	$394 million
5.	Truist	$349 million
6.	Thompson Kane	$288 million
7.	State Bank of Cross Plains	$278 million
8.	Oregon Community Bank	$254 million
9.	Old National Bank	$249 million
10.	Rocket Mortgage	$233 million

The Best Wisconsin Mortgage Lenders (by Customer Ratings)

Now let’s look at the top-rated Wisconsin mortgage lenders based on actual customer reviews, as opposed to mere loan volume.

While Summit CU is top overall, it’s hard to find mortgage-related reviews for credit unions. The same goes for banks, as they offer a variety of different services other than home loans.

If we consider mortgage lenders only, A+ Mortgage Services, Inc. out of Muskego has the best rating on Zillow, a 4.99/5 from over 400 reviews.

Several other Wisconsin-based lenders have 4.98/5 scores, including Waterstone Mortgage Corp., McGlone Mortgage, and Inlanta Mortgage.

Not far off is Fairway Independent Mortgage (4.95/5), Homefinity (4.95/5), and Go Mortgage (4.90/5).

Meanwhile, U.S. Bank has a 4.98/5 on Zillow, Wells Fargo and Chase have a 4.95/5, and Rocket Mortgage has a 4.48/5.

So the big guys and the local companies are all pretty well regarded. But take the time to research companies, ask for referrals from friends/family, and obtain multiple rate quotes.

Doing so should boost your chances of having a positive home loan experience.

(photo: Gary Todd)

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 27, 2023 by Brett Tams

Would you like to open a checking account, but you’re worried that your bad credit and past banking history might get in the way? With these issues, it can be difficult to open a new bank account.

20 Best Bank Accounts for Bad Credit

Regardless of your banking history, there are numerous banks and credit unions that offer bad credit checking accounts, all with unique features and benefits.

1. Chime

Our Top Pick

No minimum opening deposit or monthly service fee
Over 60,000 fee-free1 ATMs
Get paid up to 2 days early with direct deposit²
No credit check or ChexSystems

2. U.S. Bank

$400 sign-up bonus
Monthly service fee can be waived
Over 40,000 fee-free ATMs
$25 minimum opening deposit

3. GO2bank

4.50% APY on savings up to $5,000
No minimum opening deposit
Build credit with no annual fees
Overdraft protection up to $200

4. Chase

$100 bonus after 10 purchases in 60 days
No credit check or ChexSystems
Over 16,000 fee-free ATMs
$4.95 monthly fee

5. mph.bank

Earn 4.70% APY on unlimited savings
No minimum balance to open
Get paid up to two days early
Free withdrawals at over 55,000 ATMs

6. Current

No credit check or ChexSystems
No minimum deposit or maintenance fees
Get paid up to two days faster
Overdraft up to $200 without any overdraft fees

7. Walmart MoneyCard

No monthly fee with direct deposits of $500 or more
Earn up to 3% cash back on purchases
Overdraft protection covering up to $200 with eligible direct deposits
2% APY on savings

8. Revolut

No monthly fee
Earn up to 4.25% APY on savings
Cash withdrawals at more than 55,000 ATMs
Commission-free stock trading

9. TD Ameritrade

No monthly fee
Unlimited fee refunds for U.S. ATMs
Free TD Bank debit card
Free checks and unlimited check-writing capabilities

10. Albert

No minimum balance
Cash advances up to $250
No maintenance fees
Free ATMs at over 55,000 locations

: 11. SoFi

With the SoFi Checking and Savings account, you won’t have to worry about being charged any overdraft fees, minimum balance fees, or monthly fees.

Plus, it offers free access to ATMs at over 55,000 locations within the Allpoint® Network. Similar to Chime and Current, you can get your paycheck up to two days sooner when you set up direct deposit.

You’ll also get a 1% APY on your checking and savings accounts and up to 15% cash back at local establishments with your SoFi debit card.

12. Navy Federal Credit Union

If you are an active-duty or retired member of the military, including the Armed Forces, National Guard, Coast Guard, or Department of Defense, you may be eligible for Navy Federal Credit Union membership.

NFCU doesn’t utilize ChexSystems or EWS. They also offer a free checking account alternative with no monthly service fees for those with qualifying direct deposits.

Additionally, NFCU offers its members convenient access to over 30,000 ATMs situated at both credit unions and retail locations across the United States and Canada through the CO-OP Network.

13. Aspiration

With the Aspiration Spend & Save account, you get an online checking account and savings account that has the potential to earn up to 5% APY.

Aspiration also offers unlimited cash withdrawals at over 55,000 ATMs. The minimum initial deposit is $10. Deposits are FDIC insured and you can get paid up to two days sooner.

The Aspiration debit card is made from recycled plastic. Deposits are 100% fossil fuel-free. And this online bank even gives you the option to plant a tree with every card swipe.

14. Southwest Financial Federal Credit Union

Southwest Financial presents a reliable banking option that prioritizes the financial wellbeing of its members. With no monthly service fees, it offers a cost-effective solution to managing your everyday finances.

Opening an account is easy and requires no minimum deposit. As a member of Southwest Financial Federal Credit Union, you enjoy the convenience of accessing your funds through a shared network of ATMs.

15. FSNB

FSNB (formerly Fort Sill National Bank) offers a hassle-free Basic Checking account to its customers, with a $5 minimum deposit requirement.

With the Basic Checking account, you need to maintain a minimum daily balance of $75. Otherwise, you’ll be charged a monthly fee of $5.50.

This account comes with a host of convenient features, including a Visa CheckCard that allows you to make purchases and withdraw cash at ATMs worldwide. Additionally, FSNB offers free online banking services, giving you access to your account from the comfort of your home or office.

16. Wells Fargo

Wells Fargo’s Clear Access Banking offers a practical, accessible checking account designed to suit various banking needs. While there is a $5 monthly service fee, this fee is waived for primary account owners aged 13 to 24.

With a minimal opening deposit of just $25, setting up Clear Access Banking is straightforward and affordable. As an account holder, you’ll have the convenience of accessing your funds through Wells Fargo’s extensive network of 13,000 ATMs and 5,300 branches across the country.

17. United Bank

United Bank has locations in Maryland, Ohio, Pennsylvania, Virginia, West Virginia, and Washington, DC. You can open a bank account with a $50 minimum initial deposit. You do not have to maintain a minimum balance and they don’t charge monthly fees.

You can also upgrade to rewards checking, where you earn cashback rewards on debit card purchases. You also get discounts on movies, theme parks, and prescriptions. The monthly service charge is $10, but you can have it waived if you reach 15 purchase transactions monthly or have a minimum of $500 in regular deposits.

18. Huntington National Bank

Huntington has locations in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin.

Huntington Bank uses ChexSystems, but you can still qualify for a checking account as long as you don’t owe the bank any money. However, applicants with an EWS record may not qualify.

For Huntington’s basic account, there is no minimum opening deposit and no minimum balance requirement.

19. Varo

Varo is an online-only bank that offers a hassle-free banking experience with no monthly fees. As a Varo customer, you’ll gain access to early direct deposit payments, which means that your funds will typically be available on the same day they’re received.

Varo Bank knows that just because you need second chance banking doesn’t mean you want sub-standard service. The checking account comes with a free Visa debit card, access to over 55,000 Allpoint ATMs, and free paper check mailing.

20. Regions Bank

You’ll need a minimum opening deposit of $50 to open a Simple Checking Account at Regions Bank. This account doesn’t come with too many bells and whistles. However, it’s a suitable option for anyone with bad credit who wants a basic checking account.

Regions Bank will lower your monthly maintenance fee from $8 to $5 if you sign up for online statements. And you’ll have the option to open a savings account through Regions Bank as well.

What is a bank account for bad credit?

A bank account for bad credit is a type of account designed for people with negative banking records. These people are usually turned away from traditional banks and credit unions because of past instances of bounced checks, overdrawn accounts, or unpaid non-sufficient fund fees.

Fortunately, some financial institutions provide bad credit bank accounts that offer basic banking services such as a debit card, online banking access, and check writing privileges. Direct deposit is also available with some of these bank accounts, which makes it easy to access your income sources.

Bad credit checking accounts are typically easy to open, with minimal fees and most importantly, no credit checks or ChexSystems reports.

How do banks evaluate new account applications?

Opening a bank account can be a straightforward process, but it’s not uncommon for applicants to be turned down or offered limited options. That’s because financial institutions have criteria they use to determine who qualifies for a bank account and what type of account they can offer.

One of the most important factors that banks consider when you apply for a new account is your banking history. To assess this, most banks will check your ChexSystems report, which is a database of your past banking transactions. This report includes information such as any unpaid fees or overdrafts, closed accounts due to fraudulent activity, and other negative marks.

If you have a negative history in ChexSystems, such as unpaid fees or a history of overdrafts, it can be more challenging to open a bank account. In some cases, the bank may decline your application altogether or offer you a limited account that doesn’t allow you to write checks or use a debit card.

Another factor that banks make consider is your credit history. Some banks may pull your credit report from the three major credit bureaus Equifax, Experian, and TransUnion, but most don’t.

Your credit report is typically accessed by credit card issuers and lenders to assess your creditworthiness when you apply for loans or credit cards. But for bank accounts, your ChexSystems record is generally more important.

What is ChexSystems?

ChexSystems is a consumer reporting agency that collects user data from banks and credit unions. One of the things this data is used for is to create consumer reports that financial institutions can use to screen customers.

When attempting to open a new bank account, most financial institutions will pull your ChexSystems report. This report will show your past banking history including overdrafts, bad checks, check fraud, negative balances, or excessive withdrawals.

If you’ve had any of these issues in the past five years, it will likely be on your ChexSystems record. Fortunately, there are several reputable banks that don’t use ChexSystems or check credit to qualify customers. There are also numerous banks that offer second chance checking accounts for people with bad credit.

Can you open a bank account with no credit check?

Opening a no-credit-check bank account is easier than ever, with plenty of reliable banking services to choose from. There are two types of bank accounts for bad credit: banks that don’t use ChexSystems and second chance checking accounts.

Banks that Don’t Use ChexSystems

Some banks simply do not use ChexSystems to evaluate new accounts. These banks offer no-credit-check bank accounts for people with bad credit or a negative banking history.

The good news is that these accounts come with the same features as regular bank accounts offered to everyone else. You can expect to have access to online banking, direct deposit, and a debit card.

Second Chance Checking Account

With a second chance bank account, financial institutions may conduct a credit check or refer to ChexSystems, but they’re willing to give you a second chance regardless of your banking history. Second chance bank accounts usually come with a monthly maintenance fee.

The best second chance checking accounts still have some of the same features as ChexSystems banks and credit unions, such as overdraft protection, online banking, and bill pay. Additionally, it should be possible to upgrade to a standard checking account after demonstrating responsible banking habits.

What to Look for in a Bad Credit Checking Account

If you’re struggling with poor credit history, you might be wondering how to find a checking account that meets your needs while also helping you rebuild your financial reputation. Fortunately, there are several banks that offer checking accounts for bad credit. Here are some key factors to consider:

No Credit Checks

The first thing to look for is a bank or credit union that doesn’t look at your credit report or ChexSystems record when opening a checking account.

Many institutions also offer “second chance” or “fresh start” checking accounts designed specifically for individuals with poor credit or past banking issues. These checking accounts provide an opportunity to rebuild your financial standing, and often offer the option to upgrade to a traditional checking account after a certain period of time.

Low or No Minimum Balance Requirement

When you’re trying to rebuild your credit, every dollar counts. Look for a checking account that doesn’t require you to maintain a specified balance. This way, you won’t be charged fees for falling below a certain balance threshold. This will help you keep more money in your pocket and avoid unnecessary expenses.

Reasonable Account Fees

It’s important to be aware of the fees associated with checking accounts, especially if you have bad credit. Be sure to compare the monthly maintenance fees, overdraft fees, and any other charges associated with the account.

Many online banks offer checking accounts with no monthly fees or waive them if certain conditions are met, such as maintaining a minimum account balance or setting up direct deposit.

Online and Mobile Banking Features

In today’s digital age, having access to online and mobile banking is essential. Look for a checking account that offers a user-friendly mobile app and website, enabling you to manage your money on-the-go. These features should include the ability to check your balance, transfer money, pay bills, and deposit checks remotely.

Account Alerts and Notifications

Opt for a checking account that offers customizable account alerts and notifications. These can help you stay on top of your account activity, track your spending habits, and avoid a potential overdraft fee. You can typically set up alerts for low balance, large transactions, or unusual activity.

Overdraft Protection

Overdraft fees can be a significant burden, especially for people with bad credit. Look for a checking account that offers overdraft protection, which can help you avoid costly overdraft fees. Some banks may offer linked accounts, lines of credit, or small-dollar loans to cover overdrafts.

FDIC or NCUA insurance

Ensure that your checking account is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance protects your cash deposits up to $250,000 per account holder in case the bank or credit union fails.

Opportunities for Financial Education

Finally, look for a financial institution that offers resources and tools to help you improve your financial literacy. This might include budgeting tools, educational articles, or workshops. The more you understand about managing your money, the better your chances of rebuilding your credit and maintaining a healthy financial future.

Bottom Line

Having poor credit doesn’t mean you can’t get a bank account. But, it does mean that your selection will be somewhat limited. We also show you how to clear your name and remove yourself from ChexSystems so that you can get a bank account anywhere.

It may take some time to get your name removed. Meanwhile, some of the banks we’ve listed above are just as good, if not better, than any account on the market right now. So, it’s a good idea to start with one of those.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.

7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or beneﬁts payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, veriﬁcation or trial deposits from ﬁnancial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Let’s talk about the top mortgage lenders in Connecticut, based on their total loan volume.

Nearly 700 companies originated home loans in The Constitution State during 2021, with overall funding volume exceeding $58 billion.

But one company beat out the competition, though not by a significantly wide margin.

Yes, it was the nation’s top lender, Rocket Mortgage, which you may have already guessed.

Read on to which other banks and mortgage lenders made the leaderboard in Connecticut.

Top Mortgage Lenders in Connecticut (Overall)

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$3.2 billion
2.	Chase	$2.9 billion
3.	Wells Fargo	$2.3 billion
4.	Citizens Bank	$2.1 billion
5.	Bank of America	$1.8 billion
6.	loanDepot	$1.7 billion
7.	U.S. Bank	$1.7 billion
8.	Total Mortgage	$1.4 billion
9.	Webster Bank	$1.3 billion
10.	UWM	$1.2 billion

As noted, the #1 spot went to Rocket Mortgage, which funded $3.2 billion in Connecticut in 2021, per HMDA data from Richey May.

That wasn’t a huge surprise, as they are also the top mortgage lender in the country overall.

In second was NYC-based Chase Bank, which came close with $2.9 billion funded. It then dropped off a bit with San Francisco-based Wells Fargo funding $2.3 billion.

Two more banks rounded out the top five, including Citizens Bank and Bank of America.

Citizens Bank is basically a local institution as they are headquartered in nearby Providence, Rhode Island.

The bottom half of the top 10 included loanDepot, U.S. Bank, Total Mortgage (CT), Webster Bank, and United Wholesale Mortgage.

Webster Bank is also Connecticut-based, with headquarters in Waterbury, CT.

Top Mortgage Lenders in Connecticut (for Home Buyers)

Ranking	Company Name	2021 Loan Volume
1.	Chase	$1.3 billion
2.	Citizens Bank	$1.1 billion
3.	Total Mortgage	$918 million
4.	Wells Fargo	$898 million
5.	U.S. Bank	$830 million
6.	Rocket Mortgage	$680 million
7.	Guaranteed Rate	$643 million
8.	Bank of America	$613 million
9.	UWM	$590 million
10.	Citibank	$576 million

When it came to home purchase financing, Chase took first place with $1.3 billion funded, followed by Citizens Bank with $1.1 billion and Total Mortgage with $918 million.

Fourth went to Wells Fargo with $898 million, while U.S. Bank grabbed fifth with $830 million funded.

The rest of the heavy hitters included Rocket Mortgage, Guaranteed Rate, Bank of America, UWM, and Citibank.

Total Mortgage is headquartered in Milford, CT, making them the one Connecticut-based mortgage company in the bunch.

But several other companies listed are pretty local as well. This is common as home buyers tend to gravitate to local options when financing a home purchase.

Top Refinance Lenders in Connecticut (for Existing Homeowners)

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$2.5 billion
2.	Chase	$1.4 billion
3.	Wells Fargo	$1.3 billion
4.	loanDepot	$1.2 billion
5.	Bank of America	$1.1 billion
6.	Citizens Bank	$897 million
7.	U.S. Bank	$806 million
8.	Webster Bank	$788 million
9.	Freedom Mortgage	$773 million
10.	People’s United Bank	$744 million

If we exclude home purchase loans, and only include rate and term refinances (and cash out refinances), Rocket Mortgage slides into first place with $2.5 billion funded.

That was well ahead of the rest, with second place Chase only managing $1.4 billion in refis in Connecticut.

In third was Wells Fargo with a close $1.3 billion, followed by loanDepot with $1.2 billion and Bank of America with $1.1 billion.

Others making the top-10 list included Citizens Bank, U.S. Bank, Webster Bank, Freedom Mortgage, and Bridgeport-based People’s United Bank.

Top Mortgage Lenders in Bridgeport

Ranking	Company Name	2021 Loan Volume
1.	Chase	$2.2 billion
2.	Wells Fargo	$1.4 billion
3.	Bank of America	$1.3 billion
4.	U.S. Bank	$1.1 billion
5.	Rocket Mortgage	$1.1 billion
6.	Citizens Bank	$1.0 billion
7.	loanDepot	$835 million
8.	Citibank	$800 million
9.	First Republic Bank	$724 million
10.	People’s United Bank	$707 million

Top Mortgage Lenders in New Haven

Ranking	Company Name	2021 Loan Volume
1.	Rocket Mortgage	$665 million
2.	Citizens Bank	$400 million
3.	Total Mortgage Services	$335 million
4.	Wells Fargo	$309 million
5.	UWM	$299 million
6.	loanDepot	$294 million
7.	Chase	$263 million
8.	Newrez	$231 million
9.	Homepoint	$209 million
10.	Guaranteed Rate	$206 million

So when it came to refis, there were three CT-based mortgage companies in the mix.

Top Rated Mortgage Lenders in Connecticut (by Customer Reviews)

Now let’s try to determine who the best Connecticut mortgage lenders are by focusing on customer reviews.

On Zillow, Total Mortgage has the most reviews (nearly 3,500 at last count) and a solid 4.90/5 rating.

But West Hartford, CT-based First World Mortgage Corp. and Avon, CT-based Norcom Mortgage have superior 4.97/5 ratings, with about 900 and 1,000 reviews, respectively.

There’s also Newtown Savings Bank (4.94/5), Northeast Financial (4.98/5), and Luxury Mortgage (4.91/5). Each of these companies have a few hundred reviews on Zillow.

Then there are the big names, like Rocket Mortgage (4.48/5), Citizens Bank (4.96/5), Wells Fargo (4.95/5), Chase (4.95/5), and Bank of America (4.82/5).

So clearly there is no shortage of quality mortgage companies in and around Connecticut and beyond.

Put in the time to gather several quotes from local banks and credit unions, mortgage brokers, and the big household names too. Generally, the more quotes you obtain the better the savings.

(photo: Doug Kerr)

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past decade, we’ve seen a major transformation in the banking sector. As the world continues to digitize, the financial landscape has shifted in response, giving birth to a plethora of online banking services. One such innovation that has garnered widespread adoption is online checking accounts.

As a key financial tool, a checking account serves as a lifeline for day-to-day transactions, paying bills, and generally managing one’s finances. But with online checking accounts, convenience, accessibility, and often better rates and lower fees have made them an attractive alternative to traditional banks.

10 Best Online Checking Accounts

These best online checking accounts offer a range of features, from high annual percentage yield (APY) to robust mobile apps, all designed to meet the varying financial needs of users. Here are our top 10 picks for 2023.

1. Chime Checking Account

Chime, a financial technology company that offers online banking services, is revolutionizing the banking industry with its online checking account that pairs both convenience and value into a single offering.

2. Axos Bank Rewards Checking

Axos Bank is an online-based bank that’s shaking up the banking industry with its online Rewards Checking account, a unique blend of convenience and value.

3. Current Account

Current, a pioneering financial technology company, delivers cutting-edge banking solutions with its Current Account.

4. SoFi Checking and Savings Account

SoFi, a modern financial platform offering a suite of financial services, is setting new standards in the world of banking with its online bank account that combines remarkable earning potential and considerable convenience.

5. Ally Bank Interest Checking Account

Ally Bank, renowned for its customer-centric digital banking services, provides a comprehensive offering through its Ally Bank Interest Checking Account.

6. Consumers Credit Union Serious Interest Checking

Consumers Credit Union, committed to enhancing its members’ financial prosperity, offers an appealing solution with its Serious Interest Checking®, a high yield checking account.

7. Quontic High Interest Checking

Quontic Bank, committed to maximizing customer earnings and supporting financial inclusivity, offers a high interest checking account that combines convenience, high-yield potential, and an innovative digital banking experience.

8. Alliant Credit Union High-Rate Checking

Simplicity and high yields are the cornerstone of Alliant Credit Union’s High-Rate Checking account, a solution tailored to meet the needs of modern-day banking customers, whether they’re on-the-go or prefer traditional banking methods.

9. Schwab Bank Investor Checking

Charles Schwab brings its robust reputation in the investment sector to banking with its Schwab Bank Investor Checking account, designed for those seeking seamless integration of banking and investing.

10. Navy Federal Credit Union Free EveryDay Checking

Navy Federal Credit Union’s Free EveryDay Checking is an easy-to-use, accessible banking solution for everyone.

What is an online checking account?

An online checking account operates much like the checking accounts you’re accustomed to at traditional brick and mortar banks, with the primary difference being that it’s mostly or entirely digital. They are provided by online banks, credit unions, and even financial technology companies that are not banks themselves.

Online checking accounts have surged in popularity for a variety of reasons. Their major draw is the convenience and flexibility they offer. With these accounts, you can deposit cash, pay bills, transfer money, make debit card purchases, and even deposit checks digitally using the bank’s mobile app. This means that all your transactions can be completed without visiting a physical branch location.

Additionally, online only banks typically offer higher annual percentage yields (APY) than traditional banks, meaning your money grows faster. The absence of physical branches translates into reduced overhead costs for these financial institutions, enabling them to pass on the savings to customers in the form of higher interest rates and lower fees. These accounts also often have lower minimum balance requirements and monthly maintenance fees compared to their brick-and-mortar counterparts.

Lastly, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), providing the same level of safety for your deposits as traditional banks.

Criteria for Evaluation

Selecting the best online checking accounts was not a task taken lightly. We’ve considered a variety of factors in our analysis to ensure that our picks provide a mix of the most advantageous features for diverse financial needs. Here are the key criteria we used in our evaluation:

Annual percentage yield (APY): We considered the APY offered on the checking accounts. Higher APY means your money grows faster, making it a key feature to look for in an account.

Monthly fees and other costs: Monthly maintenance fees can eat into your savings. We favored accounts with low or no monthly fees. We also looked at other potential costs like overdraft fees, out of network ATM fees, and foreign transaction fees.

ATM access: Easy and wide-ranging access to ATMs is crucial. We considered online banks with large ATM networks and those that offer ATM fee reimbursements.

Customer service: Exceptional customer service is important, especially for an online only bank where in-person assistance is not an option. We assessed the quality of customer service provided by each bank.

Mobile app experience: A great mobile app can make managing your money a breeze. We evaluated the usability, functionality, and reliability of each bank’s mobile app.

Additional features: Other features like early direct deposit, mobile check deposits, cash back rewards, and savings tools can add value to online checking accounts. We considered these additional features in our review.

How to Choose the Right Online Checking Account for You

Choosing the right online checking account is crucial. It can simplify your financial management, enhance your monetary gains, and align with your lifestyle needs. Below are key factors to consider in making an informed decision:

Financial Habits: Evaluate your typical financial behaviors. Do you frequently use ATMs, and will you need access to an extensive, fee-free ATM network? If you regularly maintain a high balance in your checking account, an interest-earning account could be beneficial. Conversely, if you tend to keep a low balance, consider an account with no minimum balance requirement to avoid potential fees.
Goals: What are your financial goals? If you’re aiming to save, consider an account that earns interest. If you’re focused on investing, select an institution that offers seamless integration between checking and investment accounts.
Lifestyle: Assess your lifestyle and daily needs. Do you travel often and need an account that doesn’t charge foreign transaction fees? If you prefer digital banking, look for accounts with robust online platforms and mobile apps that allow for easy money management on the go.
Fees: Examine the fee structure carefully. Consider potential monthly maintenance fees, overdraft fees, and ATM fees. Look for accounts offering fee waivers or reimbursements.
Customer Service: Exceptional customer service is crucial, particularly for an online bank. Look for 24/7 customer support, availability of live chat, and timely response to queries.
Security: Ensure that the bank employs stringent security measures to protect your account from fraud or unauthorized transactions. Features like two-factor authentication, alerts for suspicious activity, and FDIC insurance are vital.

Bottom Line

In today’s fast-paced, digital age, online checking accounts provide a convenient, accessible, and often more financially rewarding alternative to traditional banking. However, the key to making the most of these benefits is to choose the right account based on your individual needs, lifestyle, and financial goals.

By carefully considering factors like your financial habits, goals, lifestyle, potential fees, customer service, and security measures, you can find an online checking account that not only meets but exceeds your expectations. Remember, your checking account is at the heart of your financial life – choose wisely.

Frequently Asked Questions

Are online checking accounts safe?

Yes, online checking accounts are safe as long as they’re offered by a reputable bank or credit union that has FDIC or NCUA insurance. This insurance protects your money up to $250,000 per depositor.

Can I deposit cash into an online checking account?

Depositing cash into an online checking account can be more challenging than with a traditional bank. Some online banks have agreements with certain ATM networks or retail outlets where you can deposit cash. You can also deposit cash into a traditional bank account and then transfer it to your online account.

What should I do if I need to write a check?

Many online banks offer free or low-cost checkbooks. However, if you seldom write checks, you may not need a physical checkbook. Instead, you can use the bank’s online bill pay service, which sends a check or electronic payment to the recipient on your behalf.

Do online banks offer customer service?

Yes, most online banks offer robust customer service options, including phone support, live chat, email, and often extensive FAQ sections on their websites. Some even offer 24/7 support.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Today we’ll check out the top mortgage lenders in Hawaii based on total loan volume.

These companies closed the most home loans in The Aloha State last year, beating out nearly 300 others that do business there.

In general, there are fewer mortgage companies operating in the state of Hawaii, so you tend to see only the bigger household names along with local banks and credit unions.

Still, one company managed to originate a lot more than the competition, making them the go-to spot for a mortgage in Hawaii.

Read on to see which bank or mortgage company ranked #1 in Hawaii.

Top Mortgage Lenders in Hawaii (Overall)

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$3.0 billion
2.	loanDepot	$2.0 billion
3.	First Hawaiian Bank	$1.9 billion
4.	Freedom Mortgage	$1.8 billion
5.	American Savings Bank (HI)	$1.6 billion
6.	Rocket Mortgage	$1.4 billion
7.	UWM	$1.4 billion
8.	Central Pacific Bank (HI)	$1.3 billion
9.	Guaranteed Rate	$1.2 billion
10.	Homepoint	$1.0 billion

Coming in first was Honolulu’s own Bank of Hawaii, which funded $3 billion in mortgages during 2021, per Richey May.

That was a full billion more than second place SoCal-based loanDepot, which originated a respectable $2 billion there.

In third was another Hawaiian institution, First Hawaiian Bank, also Honolulu based, with a close $1.9 billion.

Taking the fourth spot was Boca Raton, Florida-based Freedom Mortgage with $1.8 billion, followed by Honolulu-based American Savings Bank (HI) with $1.6 billion.

Others landing in the top 10 included Rocket Mortgage, United Wholesale Mortgage, Central Pacific Bank (HI), Guaranteed Rate, and Homepoint.

In total, four of the top 10 mortgage lenders in Hawaii are based out of Honolulu. Not surprising as local names tend to do the most business there.

Top Hawaii Mortgage Lenders (for Home Buyers)

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$881 million
2.	Guaranteed Rate	$698 million
3.	First Hawaiian Bank	$672 million
4.	American Pacific Mortgage	$616 million
5.	loanDepot	$577 million
6.	UWM	$547 million
7.	American Savings Bank	$530 million
8.	Central Pacific Bank	$488 million
9.	Freedom Mortgage	$435 million
10.	Wells Fargo	$375 million

When looking solely at home purchase lending, Bank of Hawaii remains the leader with $881 billion funded.

In second was Chicago-based Guaranteed Rate with a close $698 million, followed by First Hawaiian Bank with $672 million.

Taking fourth was Roseville, CA-based American Pacific Mortgage with $616 million, trailed by loanDepot with $577 million.

The rest of the best included UWM, American Savings Bank (HI), Central Pacific Bank, Freedom Mortgage, and finally Wells Fargo.

That means half of the top 10 home purchase lenders in the state of Hawaii are based in Hawaii.

Top Refinance Lenders in Hawaii (for Existing Homeowners)

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$2.0 billion
2.	loanDepot	$1.4 billion
3.	Freedom Mortgage	$1.4 billion
4.	Rocket Mortgage	$1.2 billion
5.	First Hawaiian Bank	$1.0 billion
6.	American Savings Bank	$967 million
7.	UWM	$814 million
8.	Homepoint	$770 million
9.	Central Pacific Bank	$751 million
10.	Pennymac	$602 million

If we’re talking mortgage refinances only, which are reserved for existing homeowners, Bank of Hawaii tops the list with $2 billion funded.

They were followed by loanDepot with $1.4 billion in refis funded, and Freedom Mortgage with a similar amount.

Rocket Mortgage took fourth with $1.2 billion, and First Hawaiian Bank fifth with $1.0 billion in loan origination volume.

American Savings Bank (HI), UWM, Homepoint, Central Pacific Bank, and Pennymac made up the rest of the top 10.

For refis, four of the top 10 were Hawaii-based, similar to the overall total.

Top Mortgage Lenders in Honolulu

Ranking	Company Name	2021 Loan Volume
1.	Bank of Hawaii	$2.3 billion
2.	Freedom Mortgage	$1.5 billion
3.	loanDepot	$1.5 billion
4.	American Savings Bank	$1.3 billion
5.	First Hawaiian Bank	$1.2 billion
6.	Central Pacific Bank	$1.1 billion
7.	Homepoint	$886 million
8.	American Pacific Mortgage	$864 million
9.	UWM	$855 million
10.	Rocket Mortgage	$816 million

The Best Hawaii Mortgage Lenders

We’ve discussed the largest mortgage lenders in Hawaii. Now let’s talk top rated based on customer reviews.

I typically turn to Zillow for customer reviews as they are entirely mortgage-centric, even for banks and credit unions that offer other non-mortgage products.

As far as mortgage companies are concerned, Element Mortgage Hawaii (dba of American Pacific Mortgage) had the most reviews and a 4.94/5 rating.

Then there’s Ohana First Mortgage with 184 reviews and 4.99/5 rating, Hawaii Mortgage Company, Inc.’s 4.93/5 rating from 176 reviews, and Smart Money Inc.’s perfect score (5/5) from 161 reviews.

Some of these companies operate as mortgage brokers, which allows them to partner with wholesale lenders and shop on your behalf.

The big companies also have reviews on Zillow, including loanDepot (4.9/5), Freedom Mortgage (4.85/5), Rocket Mortgage (4.48/5), Guaranteed Rate (4.96/5), and Homepoint (4.89/5).

To sum things up, there are a lot of good lender options in the state of Hawaii, including big household names, local Hawaiian companies, and local individual mortgage brokers. Be sure to explore them all.

(photo: Pedro Szekely)

Source: thetruthaboutmortgage.com

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Types of CDFIs

Community Development Banks

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Community Development Loan Funds

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Business Model

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Emergency Capital Investment Program (ECIP)

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5 Easy Ways to Avoid ATM Fees

1. Look for Banks that Reimburses ATM Fees

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2. Plan in Advance

3. Keep Backup in Your Wallet

Carry a Blank Check

4. Use Your Debit Card to Get Cash Back

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5. Check Your Bank’s ATM Network

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Final Thoughts

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20 Best Bank Accounts for Bad Credit

1. Chime

2. U.S. Bank

3. GO2bank

4. Chase

5. mph.bank

6. Current

7. Walmart MoneyCard

8. Revolut

9. TD Ameritrade

10. Albert

11. SoFi

12. Navy Federal Credit Union

13. Aspiration

14. Southwest Financial Federal Credit Union

15. FSNB

16. Wells Fargo

17. United Bank

18. Huntington National Bank

19. Varo

20. Regions Bank

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