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Fairway Home Mortgage Launches Credit Card That Rewards You for Making On-Time Mortgage Payments
Things are getting more interesting in the mortgage world, at least when it comes to earning rewards.One of the nation’s largest mortgage lenders, Fairway Home Mortgage, has launched a credit card.Known as the “Made for Home Card,” it rewards cardholders for simply making their mortgage payment on time each month.In addition, you can earn bonus points in a variety of home-centric categories that can eventually be redeemed for mortgage-related costs.The new card will initially be marketed through select Fairway Home Mortgage loan officers, and will get a nationwide launch in January 2026.Made for Home Card HighlightsEarn 1X points for simply paying your mortgage each month3X points on gas, EV charging, groceries and utilities2X points on home improvement, furniture, and home maintenance1X point on all other purchases throughout the monthPoints can be redeemed toward closing costs or mortgage rate buydownsNo annual feeHow You Earn Points for Paying the Mortgage Each MonthWhile it might sound like you can use the credit card to make your mortgage payment, that’s not how it works.Instead, you pay your mortgage the same way you always did, but earn one point per dollar of the payment each month.Once you get approved for the card, you need to connect the bank account you use to pay your mortgage to the Fairway/Made Card app via Plaid.Plaid is a tech company that allows you to connect bank accounts and other financials to specific apps.Connecting the accounts allows them to track your payments and reward you in the process.Apparently it’s just a few clicks, and once connected, you’ll automatically earn bonus points on your mortgage payments going forward.This is similar to other programs that have been announced, including Mesa Mortgage an Bilt Card 2.0.Both will let you earn points for on-time mortgage payments, but you must still pay with a bank account or other acceptable form of payment.How Many Points Can You Earn for Paying the Mortgage?Now let’s see if this is worth it. After all, there are plenty of other credit cards out there vying for your spend each month.This new Made for Home Card earns 1X on mortgage payments, which seems to be the industry-standard now that we’ve got a few players in the nascent space.The cool thing is it includes the full principal, interest, taxes, and insurance (PITI), and even HOA dues, yet another argument to go with impounds on your mortgage.For example, if your monthly housing payment is $2,500 per month, you’ll get 2,500 points each month.Over a 12-month period, that’s 60,000 points, which is a decent haul to earn on a recurring basis.And since you typically don’t earn anything making mortgage payments from a bank account, there’s no real opportunity cost.However, other options like Mesa and Bilt require you to make other non-mortgage transactions during the month to earn the points on the mortgage.Not sure if that’ll be the case here, but time will tell. I couldn’t find anything in the fine print.Fortunately, on top of the points you can earn for mortgage, the card earns 3X points on gas, EV charging, groceries, and utilities.And 2X points on home improvement, furniture, and maintenance, and 1X point on all other purchases.So there’s a lot of opportunity to earn a lot of points beyond just the mortgage.The biggie though, at least for me, is how you can redeem. Points are only as good as what they can be used for.In terms of redemptions, you can use your points towards your next Fairway Home Mortgage loan.That includes options to lower your closing costs and/or buy down your rate via mortgage discount points.Or you can redeem for standard stuff like statement credits, gift cards, etc.Personally, I would want travel partner redemptions, such as airlines and hotels, since those are always the most lucrative.Why Is Fairway Home Mortgage Offering a Credit Card Anyway?As for why Fairway Home Mortgage decided to launch a co-branded credit card, it’s all about customer retention.Mortgage lenders have wised up in the past couple years, realizing to stay relevant they need to reach a little further into the customer’s world.This is why UWM has invested in Bilt, and why Rocket acquired Redfin. It’s not enough to just be a mortgage company anymore.You don’t want the homeowner to use you once and forget about you. This new credit card gives the customer a call to action to use Fairway again for a subsequent home purchase or mortgage refinance.After all, if they can redeem points to reduce closing costs or get a lower mortgage rate, they might be more apt to use Fairway over other options.But if you’re the customer, make sure it’s actually in your best interest to do so.Discounts and perks are nice, but you’ve got to do the math and compare alternatives (after factoring in the rewards points) to ensure you don’t miss out on something better. Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.Latest posts by Colin Robertson (see all)
Nationstar debt collection case tossed for lack of standing
For the second time, a federal court judge in Pennsylvania has dismissed a legal action filed against Nationstar and others, now stating the plaintiff lacked standing to sue.The other defendants are Wilmington Savings Fund Society as the trustee for a mortgage-backed securities trust, and A&D Mortgage, who originated the loan in September 2023 and securitized it the following month.However, Judge Mia Roberts Perez of the U.S. District Court for the Eastern District of Pennsylvania dismissed the case without prejudice and she is allowing plaintiff Kimberly Byrd Estate to refile another amended complaint by Dec. 4.Judge Perez issued her decision on Nov. 13.Byrd first filed the case in March 2024 with the first amended complaint filed in May of that year, the docket said.Judge Perez dismissed the first amended complaint this past March because Byrd in her view did not sufficiently allege the defendants were debt collectors under the Fair Debt Collection Practices Act. Furthermore, Byrd did not sufficiently allege the defendants intentionally misled her or that she justifiably relied on their misrepresentations. Nor did Byrd identify specific statutory provisions or state laws that were violated, Perez wrote in her latest ruling.The judge then gets into past precedents regarding issues involving Byrd's legal standing raised by the latest amended complaint. Byrd must prove three things: she suffered an injury; that it is fairly traceable to the defendant's conduct; and the injury can be redressed by a favorable judicial decision.Those precedents include a June 2021 U.S. Supreme Court decision involving standing, Transunion v. Ramirez, which was then used to vacate a decision against Amrock, the title agent business owned by Rocket."Plaintiff's claims revolve around certain misrepresentations or omissions by Defendants," Judge Perez wrote. "Applying the above principles, it is clear the [second amended complaint] does not establish either informational or traditional injury sufficient to confer standing for any of Plaintiff's claims."Later Perez wrote that Byrd did not establish "even a 'trifle of injury' stemming from the alleged conduct." Byrd is representing herself in this matter, the docket report said. Her fiduciary, Chris Nero, spoke on her behalf in an interview.Byrd will both appeal Judge Perez' ruling and file another amended complaint, Nero said.Nero compared what has been going on with this case with a game of checkers, where the judge put Byrd in "an unconscionable situation."Byrd's first move was affidavits which the defendants never responded to because the judge blocked them with "an unlawful order," said Nero.As soon as Byrd "moves that checker and amends. It's over because she made the wrong move," Nero said.The loan was for $437,850. The mortgage note was separated from the deed of trust, Nero said.Nationstar started servicing the mortgage after it went into default, but did not provide Byrd with a change of ownership or beneficial interest, the amended complaint said.Nero claimed the lenders did not have to tell Byrd this fact unless she asked."And that's the problem, Ms. Byrd dared to ask," Nero stated. "They wouldn't give her a remedy, she went into the court, and now the court is now doing things that are, quite frankly, unconstitutional."Byrd's second amended filing alleged violations of the FDCPA, as well as the Truth-in-Lending Act; Home Ownership and Equity Protection Act; and the Real Estate Settlement Procedures Act. Other violations were alleged including the state's unfair trade practices law.Ocwen was originally a defendant in this case, but a stipulation was reached in July 2024 which dismissed the company with prejudice.MERS was listed as a defendant in the amended complaint. But it was terminated from the proceeding in April, the docket report said.National Mortgage News reached out to Rocket (which acquired Mr. Cooper, the rebrand of Nationstar Mortgage); WSFS and AD Mortgage (the rebranded A&D) for comment. WSFS does not comment on ongoing legal matters, it responded in an email.
What privatizing the NFIP would cost homeowners: Insurify
Privatizing the National Flood Insurance Program would raise premiums by hundreds of dollars, according to a study that estimates the impact as policymakers weigh potential changes and mortgage-related coverage costs climb.The average 64% increase would equate to an additional $600 in annual costs for the average homeowner with flood insurance, who currently pays $933 a year, according to Insurify. The comparison shopping platform also found increases could be far higher in some states.The recent budget-related government shutdown that affected the NFIP, and speculation that the Trump administration could heed a conservative think tank's suggestion to privatize the program, have increased interest in measuring how such a change could add to homeowner costs.Like many federal budget items, the NFIP program was renewed through the end of January and retroactively authorized as part of agreements that ended the recent 43 day shutdown, the longest in US history. Which states would have the biggest price hikes if NFIP was privatized?Hawaii would face the biggest percentage increase with its payment rising 218% from $787 to $2,507. West Virginia would follow with a 176% which is magnified by the fact homeowners in the state currently pay a particularly high average $1,678 premium that would rise to $4,633. New Hampshire would experience a 131% increase, with its average premium rising from $1,140 to $2,637.None of these states are in the top five that dominate NFIP policies by volume but they all do have some prominent flood concerns. Insurify notes that research from climate-risk modeling non-profit First Street shows over 30% of the properties on Hawaii's islands face elevated risk, West Virginia's "steep inclines and narrow valleys" contribute to its high insurance costs and New Hampshire contends with "snow accumulation and heavy rains."How much would prices go up in states with the most NFIP policies? States that account for most of the nation's flood policies would see notable premium increases under privatization, even if the spikes fall short of those expected in Hawaii, West Virginia and New Hampshire.Florida, which accounts for around 38% of domestic flood policies, would experience a 76% increase that would drive the average premium up from $902 to $1,584. Texas' share of the flood market is 13%, and its average premium would rise by 53% from $923 to $1,408. Louisiana, the state that takes out the third largest number of flood policies in the United States, counts on the NFIP for 97% of its coverage and would see its average premium of $965 rise 87% to $1,805.The methodology behind Insurify's findingsInsurify examined data from the NFIP, Federal Emergency Management Agency and the National Association of Insurance Commissioners' Private Flood Data Call report to estimate privatization's impact.Data specifically examined included FEMA's median pricing data for single-family homes, which it applied risk-based insurance rates to at the state level.Insurify noted that estimates may not match rates of individual insurers and could vary widely depending on the property or company involved.
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