Industry Watch: Rocket extends more buyout offers for staff, Bank of America adds new loan for first-time buyers and more

After initially posing a round of voluntary buyouts to employees in April, Rocket Companies offered a second round of buyouts to employees in “a select number of business areas” within its structure.

LendFriend Home Loans announced the launch of LendHero, an affiliate of LendFriend built specifically to help veterans, active-duty military members and their families with the homebuying process. LendHero is a collaboration between LendFriend and executives at VA Claims Insider, an Austin-based consulting group that specializes in helping veterans improve access to and navigate their benefits through the U.S. Department of Veterans Affairs. LendHero will initially launch in Texas and Florida, with plans to expand across the U.S.

Bank of America announced a new zero-downpayment, zero-closing-cost mortgage product for first-time homebuyers in designated markets, including certain African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The Community Affordable Loan Solution is a special purpose credit program that uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments. It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and home location. Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application.

Cornerstone Home Lending announced that it has received all bank regulatory approvals necessary to complete its planned acquisition of and merger with The Roscoe State Bank. The merger results in the formation of Cornerstone Capital Bank, which will hold more than $380 million in consolidated capital and more than $1.5 billion in consolidated assets. Cornerstone expects the transaction to close on or around Oct. 1, subject to completion of the remaining customary closing conditions.


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