Bank of America raises minimum hourly pay to $24

🐪 Happy Wednesday. Today's newsletter is 573 words — a 2.5-minute read.

1. Freddie Mac names Diana Reid as its new CEO

Freddie Mac’s board of directors has selected real estate and financial services industry veteran Diana Reid as the company’s CEO, effective immediately, according to a Tuesday press release.

President and Interim CEO Michael Hutchins will continue as the company’s president. Hutchins replaced Michael J. DeVito this past March.

Reid, who will also serve on Freddie’s board, brings more than four decades of banking, real estate, and affordable housing experience to the company. Before recently serving as an independent director and advisor to several organizations, she spent ~12 years leading PNC Financial Group real estate business division.

2. FHFA launches Mortgage Loan and Natural Disaster Dashboard, highlighting vulnerable communities, loans

The Federal Housing Finance Agency (FHFA) has released a new tool for homebuyers, real estate agents and loan officers trying to evaluate the myriad risks that climate hazards pose to housing professionals across all regions of the U.S.

The FHFA’s Mortgage Loan and Natural Disaster Dashboard features an interactive, color-coded map that allows users to search census tracts for natural hazards and their anticipated risks to FHFA loans.

The tool shows the frequency and financial losses posed by these hazards juxtaposed with loan acquisition counts and total unpaid principal balance (UPB) of loans acquired by the FHFA’s regulated entities within different areas.

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3. More Nuggets

📈 An estimated 4M loans await refinancing once rates hit 6%. (NMP)

🤝 Agent commissions are being negotiated more often. (Yahoo!)

💼 Lead generation strategies post-NAR & FCC changes. (Maxwell)

💸 Mortgage tech firm Polly raises $25M. (BusinessWire)

↩️ Better rolls out FHA Refi Program. (PressRelease)

💰 NBT to merge with in-state lender in $236M deal. (BankingDive)

⚖️ Ally Bank hit with negligence suit over data breach. (BloombergLaw)

4. Charted: Mortgage rate predictions for 2025

5. Bank of America raises minimum hourly pay to $24

Bank of America is raising its minimum hourly wage to $24, effective next month, the Charlotte, North Carolina-based lender said Tuesday.

The move brings the bank presumably one step away from its long-held goal of lifting its pay floor to $25 per hour by 2025.

“Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example,” Sheri Bronstein, Bank of America’s chief human resources officer, said in a statement Tuesday.

☀️ You’re all caught up. See you on Friday!

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