Industry News
Manchester Resident Receives 14 Year Sentence in Fraud Scheme
August 9, 2022 | ReprintsA Manchester resident who led a $5 million lottery and romance fraud scheme has been sentenced to 14 years in prison.
KeyBank to Use BlueSnap Payments Platform
August 9, 2022 | ReprintsKeyBank has selected Massachusetts-based financial technology company BlueSnap to provide a global payments platform for the bank’s middle market and institutional clients working in the e-commerce space.
Homebuying, Selling Pessimism Ticks Up in Fannie Survey
August 9, 2022 | ReprintsThe share of consumers who think it’s a less-than-optimal time to buy or sell a home keeps ticking upwards as interest rates rise and housing affordability drops.
What Taxes Are in Democrats’ Big Bill?
By Lisa Mascaro | The Associated Press | August 8, 2022 | ReprintsDemocrats’ compromise of health care, climate change and deficit-reduction strategies is paid for largely with new corporate taxes, including a 15 percent minimum tax on big corporations to ensure they don’t skip out on paying any taxes at all,
J.D. Power: Mortgage Servicer Transfers Affects Customer Satisfaction
August 8, 2022 | ReprintsTransferring mortgages from one servicer to another leads to more dissatisfied customers who lack trust in both companies, according to a study from J.D. Power.
Patriot Bank Continues Discussions With American Challenger
By Diane McLaughlin | August 5, 2022 | ReprintsThe parent company of Patriot Bank continues to discuss a possible deal with American Challenger Development Corp. weeks after the two Stamford-based companies called off their merger.
Rocket Mortgage to Provide Loans to Santander Customers
By Diane McLaughlin | August 5, 2022 | ReprintsAfter discontinuing mortgage lending earlier this year, Santander Bank has formed a partnership with Rocket Mortgage to provide home loans for the bank’s customers.
Strong Jobs Numbers Likely to Encourage More Fed Rate Hikes
By Paul Wiseman | The Associated Press | August 5, 2022 | ReprintsDefying anxiety about a possible recession and raging inflation, America’s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession.
Carried Interest Survives Democrats’ Deal to Pass Economic Legislation
By Alan Fram | The Associated Press | August 5, 2022 | ReprintsSenate Democrats have agreed to eleventh-hour changes to their marquee economic legislation that preserve a commonly-used method of financing real estate developments.
Brian Falkowski Joins Savings Bank of Danbury
August 4, 2022 | ReprintsThe Savings Bank of Danbury has hired Brian Falkowski as vice president of commercial lending.
Mortgage Rates Under 5 Percent for First Time Since April
By Matt Ott | The Associated Press | August 4, 2022 | ReprintsThe average long-term U.S. mortgage rate fell below 5 percent for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control.
Ex-Fed Economist: Central Bank Not Looking Ahead Enough
By Christopher Rugaber | The Associated Press | August 4, 2022 | ReprintsBill Nelson has experienced the workings of the Federal Reserve from both sides of the street, including a top position advising the central bank on interest rates.
Early Interventions Boost Security and Welcoming Designs
By Steve Adams | Commercial Record Staff | August 4, 2022 | ReprintsDesigning schools to be safe in an era of gun violence doesn’t necessarily mean turning them into forbidding institutional fortresses. Svigals + Partners architect Marissa Dionne Mead knows this firsthand.
Sale Fees Don’t Always Jibe with Price
By Lew Sichelman | August 4, 2022 | ReprintsAt the same commission rate, real estate agents who sell an $800,000 house receive eight times the compensation of those who sell a $100,000 home. But does it take eight times the effort to sell the more expensive property?
Conn. Single-Family Sales Drop 24 Percent
By James Sanna | August 3, 2022 | ReprintsConnecticut’s median single-family home price set yet another record for the month of June when it hit $385,000 according to The Warren Group, publisher of The Commercial Record
Total Mortgage Opens 38th Branch
August 3, 2022 | ReprintsMilford-based Total Mortgage Services has opened a new location in Massachusetts, giving the mortgage company 38 branches nationally.
Inflation Weighs on Families’ Back-to-School Shopping
By Anne D'Innocenzio and Claire Savage | The Associated Press | August 3, 2022 | ReprintsThis back-to-school shopping season, parents – particularly in the low to middle income bracket – are focusing on the basics while also trading down to cheaper stores amid surging inflation.
Scient Federal Credit Union Completes NLMECU Merger
By Diane McLaughlin | August 2, 2022 | ReprintsGroton-based Scient Federal Credit Union and New London Municipal Employees Credit Union have completed their merger.
Mediocre Credit Adds Hundreds to Buyer’s Monthly Housing Costs
August 2, 2022 | ReprintsIt’s not just ability to pay that helps knock less-well-off buyers out of the housing market as prices and mortgage interest rates climb through the roof.
Ion Bank Adds to Board of Directors
August 1, 2022 | Reprints | Unlock Link
As part of its recently completed acquisition of New Jersey-based Lincoln 1st Bank, Ion Bank’s board of directors has appointed David Scelba as a trustee of the bank’s holding company and member of the bank’s board of directors.
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