Property taxes rose in every major metro in 2024

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1. Scotiabank is acquiring MapleMark Bank to expand into U.S. mortgage warehouse lending

Scotiabank has agreed to buy MapleMark Bank, a Dallas-based commercial bank, to support its U.S. mortgage capital markets business. The acquisition gives Scotiabank FDIC deposit insurance — a key credential for attracting IMB clients to its warehouse lending platform.

Financial terms weren't disclosed and the deal isn't expected to materially impact Scotiabank's earnings or capital ratios.

The move builds on the bank's 2024 hire of seven JPMorgan mortgage executives in Texas to launch a warehouse finance business. The timing is deliberate: warehouse lending has seen notable exits recently, with Flagstar and Comerica both pulling back, leaving room for new entrants.

2. Berkshire Hathaway is buying Taylor Morrison for $6.8 billion

In the first major acquisition under new CEO Greg Abel, Berkshire Hathaway has agreed to buy homebuilder Taylor Morrison in an all-cash deal at $72.50 per share — a 24% premium to Friday's close.

Abel said Berkshire plans to eventually unify Taylor Morrison with Clayton Homes into a combined homebuilding platform — a notable departure from Berkshire's traditional hands-off approach to acquisitions.

Berkshire was sitting on a record $397 billion cash pile at the end of Q1, and with homebuilder stocks underperforming, the timing reflects a long-term bet on housing demand. Taylor Morrison's CEO Sheryl Palmer and existing management will stay on.

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3. More Nuggets

💼 Why Panorama Mortgage rebranded as SimplyPMG. (NMN)

🏘️ FHA seeks feedback on how to improve property standards. (AppraisersForum)

💻 CFPB ends telework in a move that could cut staff further. (BankingDive)

4. Rocket expands VantageScore 4.0 pilot to Fannie, Freddie, and VA loans

Rocket Mortgage and Rocket Pro are now pulling both FICO and VantageScore 4.0 on every application, with VantageScore available across Fannie Mae, Freddie Mac, and VA products.

The company is running both scores in tandem during the pilot phase, saying it gives borrowers "the most opportunity to show they qualify." It hasn't decided whether brokers will eventually be able to use a single score or which model would take priority.

The broader context: FHFA has already confirmed roughly $10 million in VantageScore-based loans delivered to Freddie Mac through early pilots, and HUD is moving toward adopting both VantageScore 4.0 and FICO 10T for FHA loans later this year.

5. Property taxes rose in every major metro in 2024

The national median property tax bill hit $3,119 in 2024 — up 5.1%, or about $150, from 2023. Every one of the 50 largest U.S. metros saw an increase, with Tampa (7.7%), Denver (7.4%), and Miami (7.1%) leading the way.

Borrowers carrying mortgages are hit harder than mortgage-free homeowners — paying a median $3,489 annually versus $2,576, a $913 gap that flows directly into escrow and monthly payment calculations.

New York City tops the list with median bills exceeding $10,000, followed by San Jose at $9,901 and San Francisco at $8,522. Buffalo carries the highest effective tax rate at 2%, while Phoenix homeowners pay the lowest at 0.44%.

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

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