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Banking & Finance

FHFA eliminates added refinance fee (access required)

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Refinancing will become a little more attractive as of Aug. 1 for the majority of homeowners in the Rochester area. The Adverse Market Refinance Fee, implemented in December by the Federal Home Finance Association for the Federal National Mortgage Association ...

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Streamlined payment systems improve business inside and out (access required)

Phil Muscato

As both our personal and professional worlds become increasingly digitized, sticking to old cash-and-check payment systems means businesses are losing time and money. Even for companies that are already accepting card payments, investing in modernized and integrated processes improves efficiency; ...

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Local banks strive to make online banking safe, but customers must do their part (access required)

Antonitto

Online and mobile banking has become the dominant way Americans interact with their banks and credit unions in recent years. This uptick in online banking has brought cybersecurity and data protection to the forefront of the banking industry, but local experts say customers ...

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Corporate Challenge returns to downtown streets in September (access required)

The J.P. Morgan Corporate Challenge returns to the streets of downtown Rochester on Sept. 21 (photo courtesy J.P. Morgan Corporate Challenge).

After staging a virtual-only event last year due to the COVID-19 pandemic, the annual J.P. Morgan Corporate Challenge returns for in-person running and walking this year. The 3.5-mile team race will take place at 6:45 p.m. on Tuesday, Sept. 21, ...

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Finances change as we age and you need to prepare for it (access required)

Gabriel Geiger

One recent morning, I heard a news story about people who are worried about their finances. Multiple studies — National Institutes of Health (NIH), National Endowment for Financial Education (NEFE) and others — demonstrate the fact that our ability to process financial information declines by 1 percent a year after age 60. Our confidence in our own financial decision-making abilities does not, however, decline with age. This dichotomy sometimes creates major ...

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Tips for maximizing COVID-related loan benefits and forgiveness (access required)

The Bonadio Group, Pittsford, NY. Photo by Brandon Vick, https://www.brandonvickphotography.com/

It’s no secret that the pandemic has caused disruption to the economic climate, dramatically shifting how business is conducted. On top of existing priorities like day-to-day operations, staffing and management, business owners also have the added layer of navigating COVID-19 related loan benefits and forgiveness programs. With new and ever-changing ...

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‘Extreme optimism’ for small business sector recovery (access required)

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Small businesses owners are reporting a more positive outlook as the region emerges from the COVID-19 pandemic, with many expecting revenues to increase this year over last. Ted Janicki, Bank of America’s small business banking manager for Upstate New York, ...

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Mortgage lenders foresee dip in profits in third quarter (access required)

This three-bed room house on Woodcrest Road in Greece spent just nine days on the market before it sold (photo by Kevin Oklobzija).

Mortgage lenders expect profits to decrease in the third quarter due to increased competition and market trend changes, according to the latest national report by Fannie Mae. The quarterly Mortgage Lender Sentiment Survey found that 69 percent of lenders expect ...

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Financial experts explain how to save beyond your 401(k) (access required)

maria-caton

If you maxed out your employer sponsored 401(k) retirement plan, congratulations, you’re doing the right thing retirement and financial planning experts say. You saved for retirement, didn’t have to pay taxes on that money, got matching employer contributions and could borrow money from it if you ...

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