Industry Watch: Wells Fargo adds markets to closing credit program and more

Wells Fargo has announced the expansion of its “Dream. Plan. Home.” closing cost credit to an additional 16 metro markets across the country. The closing cost credit provides up to $5,000 to make it easier for low- and moderate-income families to purchase a home. The credit may be applied toward non-recurring closing costs, like appraisal fees, processing fees, title-related fees, recording fees and city/county/state tax stamps. Primary home borrowers with a combined income of up to 80% of the area median income where the subject property is located may be eligible. Homebuyers also must be getting a conventional/conforming or U.S. Department of Veterans Affairs fixed- or adjustable-rate mortgage. The expanded geographical eligibility now also includes Anaheim, California; Austin; Denver; Fort Lauderdale, Florida; Greensboro, North Carolina; Las Vegas; Miami; Phoenix; Portland; Raleigh; Sacramento; San Antonio; San Francisco; San Jose; West Palm Beach, Florida; and surrounding metro areas.

PrimeLending has launched a new home equity loan product, giving homeowners the ability to convert home equity into cash. Homeowners can borrow money using their home equity as collateral and repay the loan at a fixed-rate over a 30-year term. Homeowners receive the cash as a lump sum upfront to use however they choose, such as consolidating debt, making home improvements, or covering tuition, medical or unplanned expenses.

HomeStreet has announced that a preliminary vote count indicates that its shareholders have approved its previously announced merger with FirstSun Capital Bancorp.

Trez Capital has announced the relocation of its western United States operations to Phoenix. Trez Capital has operated in Phoenix since 2006 and currently has over 20 active loans in the region. The firm has seven offices located across North America with its U.S. locations in Dallas, Miami, New York and Phoenix.


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