Latest news with #RegionsBank
Yahoo
5 days ago
- Business
- Yahoo
Regions Affordable Housing Names David Payne Head of Originations
Payne brings over 20 years of industry experience to lead teams helping clients create and expand access to affordable housing BIRMINGHAM, Ala., June 05, 2025--(BUSINESS WIRE)--Regions Bank on Thursday announced David Payne has been elevated to Head of Originations for Regions Affordable Housing. In this role, Payne will oversee all affordable housing originations by relationship managers supporting developers in many key growth markets across the country. Through low-income housing tax credits (LIHTCs), comprehensive financial solutions, and a holistic suite of additional banking options, Payne will provide business development and leadership to the group. He has 23 years of industry experience in affordable housing and will leverage that work to guide the Originations team to deepen support with developers. Payne will report directly to Katie Such, Head of Regions Affordable Housing. "Regions Affordable Housing is uniquely positioned to provide financial services and solutions clients need to expand affordable housing access and strengthen our communities for the long-term," Such said. "David Payne is an advocate for affordable housing, an intentional collaborator and a respected industry leader. We look forward to his work helping current clients grow and welcoming future clients to experience the Regions approach to affordable housing." Payne previously served as co-head of Originations for Regions Affordable Housing and led the bank's work in sourcing and originating transactions across the Southeast. He served as a relationship manager and credit underwriter before that. Additionally, Payne has leadership experience with various state-level affordable housing trade groups over the years. "Regions Affordable Housing has skilled bankers with deep industry experience in affordable housing finance, and it is a real honor to lead the Originations team into the future," Payne said. "At a time when affordable housing is critically needed to support continued economic growth, Regions can make a difference in helping developer clients and community leaders with the resources to create safe and affordable housing options for residents. The result is stronger communities and improved quality of life for the long term." Regions Bank, through Regions Affordable Housing LLC, is a national leader in affordable housing. Through the LIHTC program, Regions is one of the nation's largest participants in affordable housing finance, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS MAH Lender, HUD/FHA Affordable Lender, and Freddie Mac Optigo TAH lender. About Regions Financial CorporationRegions Financial Corporation (NYSE:RF), with $160 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at View source version on Contacts Media Contact: Jennifer ElmoreRegions BankRegions News Online: Regions Media Line: 205-264-4551 Sign in to access your portfolio
Yahoo
7 days ago
- Business
- Yahoo
What happens if you default on a HELOC or home equity loan?
Defaulting on a home equity loan or HELOC can result in the loss of your home, as it was pledged as collateral for the debt. Being in default typically occurs after four consecutive missed payments or 120 days. Defaulting also has a negative impact on your credit score and makes it difficult to secure other financing in the future. Defaulting on any type of loan is never good. However, defaulting on a home equity loan or HELOC, its line-of-credit cousin, has a much more daunting consequence: You could lose your home. Why? Because when you took out the loan, you pledged the place as collateral for the debt. If you get behind on repayments, aka 'delinquent,' the lender has a right to take your property, to recoup its money. Now, that doesn't occur overnight – a lot has to happen before an actual foreclosure. Still, a tiny section of borrowers can see those storm clouds gather. The latest data from the Federal Reserve Bank of New York shows that 0.88 percent of HELOC (home equity line of credit) accounts are delinquent by 90 days or more. While that's not a huge number, it's a noticeable uptick from the 0.52 percent of HELOCs that were in the same shape one year earlier. If you're in danger of joining those ranks, read on to understand what actually happens if you default on a home equity loan or HELOC, how the fallout will impact your finances and mortgage, and what you should do to avoid this doleful situation. To be in default on a loan simply means you have failed to make your scheduled payments on time or according to the agreed terms of the debt. Before you stay awake at night stressing about the potential to default on your home equity loan, it's important to understand that default doesn't set in after missing one payment. 'Generally, four months or 120 days of consecutive missed payments will put a loan in default and have the creditor looking to begin collection,' Pahmela Foxley, vice president of mortgage lending at Utah-based Wasatch Peaks Credit Union, says. 'This can vary from lender to lender.' Some may give you less time, some a little more. It's critical to stay well ahead of that four-month mark. Foxley says that lenders may be willing to make adjustments (for a fee) to avoid sending the loan to collections, a step that involves loads of paperwork and additional work. 'Most lenders are willing to work with their borrowers to help them,' she notes, 'so it's crucial to communicate with your lender and have them help you explore options to avoid defaulting on the loan.' In addition to worrying about the payments, you'll need to consider the fees that will likely add up in the process. Most lenders charge late payment fees for home equity loans and HELOCs. It's common to see these charges add up to five percent of the missed payment amount. Though some lenders do set maximums — Regions Bank, for example, caps its late fee at $100 — remember you'll be charged for each month you miss. Bankrate's take: If you're falling behind due to a major financial hardship – losing your job, for example – talk to your lender about forbearance, which temporarily stops or lowers your repayments. Some lenders offer forbearance options for as long as 12 months. You'll still owe the money, usually including the interest, when the forbearance period ends, but you can avoid the major damage that delinquency will do to your credit (more on that below). While home equity loans and HELOCs differ in their details, the two products work the same way if you don't live up to your obligation to make payments on time. 'Typically, there is no difference between defaulting on a HELOC or home equity loan,' Mark Worthington, branch manager at Churchill Mortgage, says. 'Both are mortgages secured against a property, so they fundamentally have the same impact on the asset in the event of a default.' The worst-case impact is foreclosure – a lengthy process that eventually leads to the lender taking possession of your home, selling it and evicting you. As with a default on your primary mortgage, it won't happen immediately. Here's a rundown of the general process: One missed payment: If you fail to make a payment during the grace period (often 15 days after the due date), you'll receive a written notice from your lender. Your next payment: Your next statement will include the past due amount, plus a late fee. Additonal missed payments: If you still fail to pay and haven't contacted the lender to discuss your options, you may receive an acceleration notice – part of the clause in your loan agreement that gives a lender the right to demand full repayment – from the lender's collections department. Notice of default: After multiple missed payments – typically somewhere between 90 and 120 days – your lender will issue a notice of default. The local real estate recorder's office in your town or county will likely receive a copy as well. Preforeclosure: The window is closing in this period. Having taken the legal action required in your state, your lender is preparing to move forward with claiming the property. However, even at this point, you have the ability to catch up your payments, request forbearance or even sell the home (which still belongs to you). Eviction and foreclosure: If you haven't managed to come to a resolution, your lender will have the right to proceed with evicting you from the property and selling or auctioning it off. But your obligations may not stop there. Let's say you owe the lender $70,000, and the home sells at auction for just $55,000. The lender could technically decide to just wipe that $15,000 off their books and move on. But often, if it's a serious shortfall, the lender likely going to do whatever it takes to get the amount repaid in full – including taking you to court. 'The lender will file [a request for] a judgment against you for the remaining balance,' Foxley says. If it succeeds,'this could lead to a wage garnishment affecting your weekly paycheck to pay the debt.' In addition to losing your home and possibly a potion of your future wages, defaulting on a home equity loan carries other serious long-term implications for your finances and financial profile. A foreclosure will remain on your credit report for seven years, so any time a company checks your credit – to rent an apartment or to consider a credit card application, for example – they're going to see a big red flag in your credit history. Keep in mind that it's not just the default, either. Making on-time payments weighs heavily on your credit score, and since you have missed multiple months, your credit score will likely be in poor shape. According to a data analysis of more than 84,000 home loans conducted by risk management firm Milliman, one missed payment on a mortgage led to an average 52-point credit score drop, while four missed payments typically translated to a collective drop of more than 98 points. A lower credit score will create major challenges to your ability to secure other loans, not to mention the best possible interest rates on them. Defaulting on your home equity financing has consequences for your other loans too – in particular, the primary mortgage on your home (unless you've paid it off). Remember, that's another lender also waiting to be repaid. You might assume that if your first mortgage is in good standing, you're still okay. However, think of it this way: You owe money to two parties. Neither is really more important to pay; they both have to get their regular payments, and if they don't, both of them have the right to your property. The home equity lender is in a tougher spot, though. If it forces foreclosure, the primary lender is entitled to recoup its outstanding balance first. 'Because [home equity] loans are usually in a second lien position behind the primary mortgage, the process is more complex and challenging for the [home equity] lender,' says Phil Crescenzo Jr., vice president, Southeast Division, Nation One Mortgage. The home equity lender has two options. It can initiate foreclosure and see how much money is left over after the primary mortgage lender is paid from the sale of the property, or it can try to buy the primary mortgage for a more direct pathway to a sale. Worthington says that lenders usually look at the available equity in the property prior to moving forward. No matter what route the home equity lender opts to take, the outcome for you, as a borrower, is the same: You're going to lose your home. And if your primary mortgage is also filed as a default – as Worthington says it typically is – it means that not one, but two, of the worst possible black marks on your credit report will follow you around for the next seven years. Many homeowners are sitting on a huge pile of home equity right now, which can offer an appealing source of cash. But accessing funds via home equity loans and HELOCs comes with a big responsibility – and risk. Defaulting on them has serious repercussions that can destroy your credit and reduce your odds of getting approved for other financing in the future – not to mention losing the roof over your head. And while they're considered second mortgages, don't let that next-in-line status fool you: Repaying them is just as essential as making your payments on your primary mortgage. Being on time with your mortgage won't save you from foreclosure if you become seriously delinquent on the home equity debt.
Yahoo
30-05-2025
- Business
- Yahoo
Metro company says someone has been stealing customers' checks out of the mail
A metro Atlanta small business says customer checks are repeatedly being intercepted in the mail and stolen before ever getting to them. 'We've had over 20 checks and it's over $4,000,' Page Cade, of A&A Exterminators, said. 'We're having customers calling and saying I haven't been serviced. And we say, well, we haven't received your check.' All the stolen A&A checks have been mobile deposited to a Regions Bank account. They were endorsed by individuals who have no relationship to the Cobb County business. '$4,000, that's a lot of money. It's a lot of money for anybody,' Cade said. Channel 2 Action News Investigates has been looking into postal check thefts since 2022. That's when we showed you how a Georgia State University research team was finding stolen checks and postal arrow keys for sale on online marketplaces. Just last month, that GSU professor, David Maimon, posted on LinkedIn that the prices for criminals to buy stolen checks have dropped since 2022. TRENDING STORIES: 'The Wire' actor says his son was 'thrown 300 feet' from their home in Henry County tornado A trip to a GA Burger King's drive-thru led to a high school graduate's dream he never saw coming Grandfather dies saving twin granddaughters from falling tree limb in Dacula He showed a photo full of checks, all for sale for just $100 total. 'Atlanta is one of the worst. Atlanta, Georgia, there is a mail theft epidemic,' said Frank Albergo, a postal service police officer and the president of their union. For five years now, he's been pushing to end a 2020 postal service policy change that prevents postal police from patrolling carrier routes. 'The postal service will not put postal police back out on the street even though we are the most effective tool to stop mail theft,' Albergo said. The FBI released a warning earlier this year alerting people that 'mail theft-related check fraud is on the rise.' Regions Bank tells Gray in this case, the A&A customers should be able to get their money back. Regions spotted the fraud, held the funds, and said A&A customers should reach out to their own banks. 'We're actively working on this matter and, as part of our standard fraud-flagging procedures, we placed security holds on the deposit account several weeks ago to secure funds and prevent recurrence. We remain ready to work with the bank that issued the checks to continue resolving this matter on behalf of the impacted business.'
Associated Press
21-05-2025
- General
- Associated Press
Kay Goke: Using Her Many Talents to Serve Others
By Candace Higginbotham 'Being there for people is extremely important to me,' said Kay Goke, Regions associate who was recently named winner of this year's Lee Ann Petty Heart of Service Award. And Goke is more than just 'there' for her Shreveport, Louisiana-area community. She puts her life on the line every day to protect and serve her neighbors and works tirelessly to support military families. Goke is a volunteer firefighter and emergency medical technician (EMT) for the Haughton Fire Department, taking emergency calls on nights and weekends, or whenever she's not working in her full-time position as Digital Experience Researcher in Regions' Technology, Operations, Digital and Data division. She volunteers at the Bossier Parish School for Technology and Innovative Learning as an EMT test proctor and is actively involved in the Junior Firefighter Program, which educates youth about careers in fire service. Fire service is a big part of her life. But it's not her only passion. As a 17-year military spouse, Goke is also committed to serving her community – and country – through military support programs. She's an active member of the Shreveport-Bossier Military Affairs Council, which helps the community better serve the airmen at the local Barksdale Air Force Base. And she recently launched the first Regions Military Support Community in the Shreveport area, which brings together bank associates with a desire to assist military personnel at Barksdale and their families. Goke's life of service doesn't end there. She serves in a leadership role for Camp Spark, a local youth camp, where she's currently helping launch a Regions Next Step ® financial wellness program for the high-school students who participate. With that level of dedication, it's not hard to believe that Goke reported a whopping 555 hours of volunteer time last year. To honor the tremendous positive impact her service brings to the local community, Goke was presented the Lee Ann Petty Heart of Service Award at the recent Chairman's Club event, where Regions leadership gathered to celebrate the company's top performers. 'Kay, I appreciate all you do to make a positive difference in your community while shining a light on our core values,' said Chairman, President and CEO John Turner as he presented the award to Goke. 'Your story is an example for all of us, it is our honor to raise awareness of your incredible service – while also sharing with you our deep and sincere gratitude.' The Lee Ann Petty Heart of Service Award is Regions' highest honor for service to the community. The award is given to an associate whose volunteerism and outreach has made a lasting impact and has put into action the company's mission to make life better for the communities it serves. Recipients are selected by a cross-functional committee made up of Regions associates across several markets who review hundreds of high-impact submissions each year and make the very difficult decision to pick just one winner. Named after longtime Regions associate Lee Ann Petty, who served as volunteer services coordinator in Regions' Community Engagement division, the first award was presented in 2023 and Goke is the third honoree. Goke recalls that serving others has been part of her life as long as she can remember. 'My family was very service oriented,' she said. 'My mom worked for the municipal government for around 40 years, so I get much of my calling for service from her.' But ironically, it was during her career at Regions where she found her passion for firefighting. After joining the bank in 2013, Goke obtained her four-year degree and has held a number of key positions in the company, including the Regions Social Media Customer Care team based in Birmingham, Alabama. She put her professional skills to work by volunteering as a public information officer for the Montevallo Fire Department, just south of Birmingham. She soon realized she would be a more effective communicator for the department if she had a better understanding of the firefighter role. She underwent training and she was hooked. Goke served the Montevallo department on a volunteer basis until early 2024 when her husband, Jonathan, a Master Sergeant in the U.S. Air Force, was relocated to Barksdale Air Force Base in Shreveport. Goke has experienced a number of deployments over the years, including a move to Europe for a period of time. But this one was different. 'The move from Montevallo was hard,' Goke said. 'Because of my work as a volunteer firefighter, I was very attached to the community and the department. I honestly didn't know if I would be able to continue my service.' After some research, she found the Haughton fire department, which turned out similar in many ways to the Montevallo department. Right away, she knew it was a good fit. 'Many volunteer firefighters don't stay long, due to the requirements and demands,' said Haughton Fire Chief Jimmy Holland, 'That's not the case with Kay. She makes us better because she's always working to do more.' Holland explained that Haughton is a combination department, with both career and volunteer personnel. Though Goke is a volunteer, she has just as many certifications, credentials and experience as many full-time firefighters. Goke approaches her career at Regions with the same energy and enthusiasm. 'Kay is a delight to have on the team,' said Krissy Scoufis, Digital Research and Innovation Manager. 'She has strong customer-centric experience from prior roles in the contact center, Marketing and HR. She brings energy and care into every task. I'm thrilled and honored to be part of her journey.' 'My volunteer work has actually enhanced my professional career at Regions,' Goke said. 'I've gained more confidence and am more sure of myself now than I was before.' Though her current role is remote, she quickly engaged with the Regions' Shreveport market teams and the local community. She immediately reached out to Northwest Louisiana Market Executive Denny Moton and the Louisiana Impact Network to introduce herself and get plugged in to local activities. 'Kay and I clicked immediately,' Moton said. 'I was excited about getting her involved in our local community and with bank activities. I thought I was going to have to spend time introducing her and getting her engaged, but she has blazed her own trails and we've been able to follow in her footsteps.' Just as quickly, Goke immersed herself in the military community, which has always been a big part of her life. Launching the Regions Military Support Community was a personal project that she's very proud of. 'I'm a military spouse who has moved around quite a bit, without family or friends close by, and I know how important it is to have a support system,' she said. And becoming a member of the Shreveport-Bossier Military Affairs Council, a nonprofit whose mission is to provide support for personnel stationed at the base, was another significant accomplishment. The group serves as an advocacy organization and liaison between civilians and base command, ensuring communication and cooperation between military leadership and community groups and civic leaders. Bringing the three parts of her life together – her career at Regions, her volunteer firefighter work and her military support role – is a lot to juggle. But it fulfills her, and she wouldn't have it any other way. Goke credits a strong support system, with caring managers and mentors, including Clara Green, head of Regions' Inclusion, Belonging and Impact; Ryan King, head of Talent Acquisition and others, who saw her potential and helped guide her life and career. 'Having support is critical for me to be able to do all this,' she said. 'The supportive team at Regions, the team at the fire department and my supportive team at home – they make it possible for me to make a real difference in my community.' According to Leroy Abrahams, head of Community Engagement at Regions, Goke is truly living Regions' mission and values and sets an inspiring example for all associates. 'Kay's dedication to saving lives and helping people in need reflects a life of generous, selfless service,' Abrahams said. 'That's what the Lee Ann Petty Heart of Service Award is all about and I'm so pleased and proud to honor her work.' In recognition of Goke's service, Regions is making a $2,500 donation to the Haughton Firefighters Fund. She will receive a commemorative plaque and five bonus vacation days – to take time for herself after dedicating so much time to others. When asked what motivates and inspires her, Goke said she relies on a special quote that has become her guiding principle: 'At the end of my life when I stand before God, I want to be able to tell him, 'I used every talent you gave me.'' Visit 3BL Media to see more multimedia and stories from Regions Bank
Associated Press
09-05-2025
- Business
- Associated Press
Congratulations to Fourth Quarter 2024 Regions Riding Forward Scholarship Contest Winners
By Mel Campbell Achieving great things is something to be honored. But what about the people who were the driving forces behind that success? What about the people who inspired someone to strive for something more? Honoring these inspirational people is at the heart of the Regions Riding Forward® Scholarship Contest. With the announcement of winners for the fourth quarter of 2024, Regions completed its selection of four winners of the Regions Riding Forward® Scholarship Contest for each quarter of 2024. Each of these winning students receive a check in the amount of $8,000 made out to their designated accredited college. In 2024, Regions revamped the scholarship contest to provide more opportunities for students to apply. The contest invites eligible high school and college students to submit a video essay or traditional written essay on someone they know in their community who has inspired them and helped them build the confidence to achieve their goals. Fourth quarter 2024 Contest winners and the individuals they highlighted in their award-winning submissions include (follow links to read/watch their submissions): Lacey Aho, Campobello, Jenkins, Columbus, Regan, Wake Forest, Sur, Austin, Tex. To learn more about the Riding Forward Scholarship, visit See full contest rules for complete details, including eligibility and written essay and video essay requirements. See a list of previous winners and their winning submissions on Doing More Today. If you know of a young person – in college or headed that way – please share this information with them and with the guidance counselor at their school. The Regions Riding Forward Scholarship contest has awarded over $1.4 million in educational assistance to more than 400 students over the past 12 years. Visit 3BL Media to see more multimedia and stories from Regions Bank
