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Better Home & Finance, the parent company of digital lender Better.com , launched its voice-based artificial intelligence loan assistant on Thursday. ” The AI loan assistant, dubbed Betsy, was built through Tinman, the company’s proprietary loan origination platform, where information and facts on loan applications are stored.
The Loan Store — a wholesale lender based in Arizona — will now use the Gateless Smart Underwrite platform, according to a recent announcement. The artificial intelligence-based platform, the latest addition to the Gateless AI mortgage tool suite, aims to enhance The Loan Store’s underwriting capabilities.
Nationwide mortgage loan servicer Cenlar FSB announced today that Andrew Pohlmann has joined the organization as senior vice president of business development. Pohlmann, who brings 30 years of experience to Cenlar, formerly served as Rate’s chief marketing officer. He confirmed the new role in a post on LinkedIn.
Ascent Developer Solutions , a private mortgage lending platform, announced its launch Friday in conjunction with an equity infusion from Elliott Investment Management. AscentDS product offerings will include short-term loans to acquire, renovate or build single-family and multifamily properties, as well as post-completion bridge financing.
Evergreen Home Loans , which is based in Washington state and has a presence in seven Western states, announced a major expansion of its footprint on Friday. John Porath “John’s leadership and ability to connect with loan officers will be instrumental in driving our core conviction of growth and success for the region.
Entering the mortgage industry as a loan officer can be both exciting and overwhelming. The first year is crucial for developing the habits, relationships, and skills that lay the foundation for long-term success. Dress & act like you mean business There is no dress code to be a loan originator, but there is for you.
From there, Collins dives deeper into Tomo’s past and mentions its focus on purchase loans versus refinances and other product types. Collins asks Schwartz to share how he balanced working with real estate agents and other referral partners by leveraging AI to develop the “ Costco loan origination method.“
Vice Capital Markets , a mortgage hedge advisory firm for independent lenders, banks and credit unions, announced Thursday that it is the first to integrate Fannie Mae s new loan pricing application programming interface (API) into its trading portal.
In August 2023 , the bank disclosed it was under investigation by the Department of Housing and Urban Development (HUD) after the nonprofit organization filed a complaint alleging violations of the U.S. and we are honored to support these efforts through our loans, investments and grants.” Fair Lending Act.
Overall purchase activity has shown year-over-year growth for more than two months as the inventory of existing homes for sale continues to increase, a positive development for the housing market despite the uncertain near-term outlook. For 30-year fixed-rate mortgages with jumbo loan balances, rates decreased to 6.76% from 6.77%.
House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans. Introduced by Reps.
In this HousingWire Executive Conversation, Tom Davis, Chief Sales Officer at Deephaven , discusses the opportunities in the non-QM investor loan space as we head into the new year. He emphasizes the importance of a diverse product portfolio including DSCR and business-purpose loans, to better serve clients.
The firm offers “smart loans” using artificial intelligence and developed a cloud-based portal, LoanFlow , that aims to give mortgage brokers and loan officers the ability to originate loans anytime, anywhere.
The company is actively monitoring the still developing situation, and will assess further steps once the extent of the impact is known, Smith added. “Assistance options may include postponement of monthly payments, repayment plans, or loan modifications. .
Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA).
Over the years, Ive observed a glaring issue that stifles the growth and success of many mortgagecompanies: promoting top-producing loan officers into management roles without equipping them with the tools, training, or even determining whether they want to be leaders. Leadership, however,demands a shift to prioritizing team success.
is acquiring Garden State Home Loans Inc. Garden State had 34 sponsored loan officers and two active branches—in Medford (New Jersey) and Maitland (Florida)—as of Friday, per the Nationwide Multistate Licensing System (NMLS). billion in 19,000 loans since its foundation. billion in 19,000 loans since its foundation.
The Federal Home Loan Banks (FHLBanks) saw significant growth in support of affordable housing and community development in 2023, according to a report released Thursday by the Federal Housing Finance Agency (FHFA). FHFA Director Sandra Thompson lauded the development in a statement accompanying the report.
Black mortgage applicants are turned down more often than whites; Blacks are more likely to receive high-cost home loans than their white counterparts on similar properties, and houses in Black neighborhoods are less likely to be appraised at the same values compared to similar homes in white communities,” the report found.
aka Nutter Home Loans , recently scored what an attorney has characterized as a win in a case brought against it by the U.S. Department of Housing and Urban Development (HUD) underwriting requirements in connection with the underwriting of approximately 1,500 [HECMs],” they explained. 9 — the defense is encouraged by this development.
Mortgage lending, small business loans, and investments in local development projects are all driven by local lenders who know their markets, live in their communities, and have a vested interest in the growth of their economies. The FHLBanks are also key players in affordable housing and community development initiatives.
The new credit optimization platform will combine the best parts of the What-if Simulator and Wayfinder tools, giving mortgage professionals the power to reach more clients and close more loans. CreditXpert developed the platform to cut down loan filing timelines. 1 in preparation for the launch of the new platform.
Rawls is the latest addition to a leadership team of seven executives at the developing company. Guaranteed Rate Affinity highlighted Rawls’ promotion as a key development in their partnership with New Jersey-based real estate franchise Coldwell Banker , a subsidiary of Anywhere.
Mortgage tech firm Candor Technology has expanded its Loan Engineering System (LES) to include Federal Housing Administration (FHA) loans. The company now fully automates underwriting decisions for FHA loans — minus collateral – and also offers a warranty on income calculations and cleared conditions for funded FHA loans.
ICE Mortgage Technology on Monday announced several enhancements to the Encompass loan origination platform , including a rate lock comparison tool that enables lenders to automatically detect and adjust for changes to a loan that may affect pricing and eligibility.
She went on to serve the next 11 years of her career at One Reverse Mortgage as vice president of operations, before that company a division of then- Quicken Loans , later Rocket Mortgage ceased its reverse mortgage product offerings in early 2020. This is roughly in line with other proprietary product offerings in the space.
Late last month, Ginnie Mae released a term sheet for one of the most anticipated new developments for the reverse mortgage industry — a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product referred to as “ HMBS 2.0.” To get a better idea of the potential impact that HMBS 2.0
Name Job Title Company Name Aaron Heidorn Director of Software Engineering & Infrastructure Cloudvirga Aaron Smith Director, Sales CubiCasa Adrian Provost Chief Executive Officer Realty ONE Group Terminus Ana LeBlanc Human Resources Director InterLinc Mortgage Annie Lemon Producing Branch Manager Gold Star Mortgage Financial Anthony Russo Diamond (..)
Global investment bank Cambridge Wilkinson today announced the closing of a forward flow agreement up to $100 million for a private real estate lending platform specializing in short-term bridge , fix-and-flip, construction and land developmentloans.
The platform is intended for housing professionals in various sectors, including 5 million loan officers, appraisers , servicers , underwriters , developers, agents, brokers, attorneys and regulators. Through Araya, CoreLogic will give customers access to the data and analytics of nearly all U.S. properties on one platform.
Servicers must act fast, delivering real-time updates on loan statuses, forbearance options, insurance claims and other relief programs. Compliance with state and investor guidelines, managing temporary payment suspensions, fee waivers and loan modifications, all ensure portfolio stability.
Throughout the 1990s, Ibis developed several reverse mortgage software applications, including for use by counselors. By the mid-2000s, the company had developed other tools including amortization schedules, term loans and APRs and program selection. Department of Housing and Urban Development (HUD).
Tomo touts its use of artificial intelligence in streamlining loan underwriting and closing processes. Were excited to invest in Tomo and to support their mission to modernize the home buying experience, Erwin Raeth, corporate development leader at Progressive Insurance, said in a statement.
1 loan originator in the country by volume for at least five years, is assuming the role of president at Rate Mortgage , the company announced Tuesday. Throughout his 20-year career he has closed more than 40,000 units and $9 billion in funded loans. But my biggest focus initially is going to be the loan officers.
Department of Housing and Urban Development (HUD). The update will also now allow 203(k) consultant fees to be financed for a limited 203(k) loan, and rehabilitation periods will be extended for both limited 203(k) loans (to nine months) and for standard 203(k) loans (to 12 months).
Such lenders, the report states, could underwrite mezzanine construction loans under the assumption that a national housing construction fund would have the ability to buy these loans on the secondary market. This could make the overall cost to entry — which is already low — more digestible.
Yet, despite significant investments in new technologies, the cost to originate loans has dramatically increased. It prevents the development of a skilled workforce that can adapt to new technologies and market conditions. Employee input and engagement are crucial during the development and implementation phases.
this year, while wages are risingan encouraging sign that were moving toward a healthier market For lenders, this means preparing for a shift in borrower demographics and ensuring loan origination processes are built for scale. Additionally, rate buy-down incentives are playing a major role in helping move new home inventory.
Comparisons to HECM loans In fact, the HECM loan is brought up multiple times in the report as a point of comparison to existing HEI products. But unlike HECM loans, HEI products are backed primarily by financial companies based on investments by Wall Street firms that are interested in their high returns, the bureau said.
Name Job Title Company Name Alejandro Franco Vice President of Finance and Controller Cairn Real Estate Holdings Allyson Jackson Executive Vice President Finance and Treasury Planet Home Lending Amit Arora Chief Investment Officer Opendoor Andrey Gunin Chief Financial Officer A&D Mortgage Bill Warden Chief Financial Officer Dark Matter Brandon (..)
Bloomberg was the first to report the developments. It had no sponsored loan officers. The company also plans to explore strategic alternatives for its credit card business in the first quarter of 2025. These changes are expected to result in a workforce reduction of less than 5% of Ally’s approximately 11,000 employees.
Following other recent proprietary product development news, Longbridge Financial announced on Friday the launch of a new variation for its private fixed-rate reverse mortgage offering. The revised LTVs could allow previously ineligible borrowers to have a renewed conversation about securing a loan, the company explained.
Prior to that, she served in senior leadership roles at Mobility Market Intelligence (MMI), Guild Mortgage , ClosingMark Home Loans , and Castle & Cooke Mortgage. Before that, he worked in business development leadership roles at Experience.com and Reggora , and he was an account director for Sales Boomerang (now known as TrustEngine ).
Department of Housing and Urban Development (HUD). Cyndi Danko, Fannie Maes senior vice president and chief credit officer of single-family, added that the company is continuing to monitor developments related to the wildfires and urges impacted homeowners to immediately contact their loan servicer.
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