Tech
Buydown, Corresp., POS, eClosing, Outsource, Insurance Products; FHFA/Freddie/Fannie Changes
I was having dinner in Manhattan last night, with the topics including Virgin Orbit filing for bankruptcy and the continuing Homepoint rumors (any questions should be directed to your wholesale AE or the publicly-held company itself!), when the waiter came up and asked how everything was before Iâd taken a bite. Does that constitute a âdishruption?â Want a visual of something as disruptive as an FHFA pricing change with no notice or lead time? Here you go. For more acronyms that begin with âF,â the Federal Deposit Insurance Corporation (FDIC) announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. Dig your loose change out of the couch and buy some of the portfolio âcomprised primarily of commercial real estate (CRE) loans, mostly multifamily in NYC, commercial loans, and a smaller pool of single-family residential loans.â (Todayâs podcast can be found here and this week itâs sponsored by Milestones. Giving homeowners an all-inclusive homeownership experience including home value and equity monitoring, home maintenance reminders and how-to articles, cloud-based document storage, one-click access to hire professionals for various projects around the home, and much more. Hear an interview with Personeticsâ Jody Bhagat on automating consumers spending habits and pitching vendor technology to banks.) Lender and Broker Services and Software
What is SoFi acquiring with Wyndham Capital Mortgage?
In acquiring Wyndham Capital Mortgage, SoFi is getting a digital lender with a robust tech platform but shrinking origination volume.
Borrowing From a Payment Processor? Ask These Questions First
Payment processors and e-commerce platforms â like Shopify, Square and PayPal â offer loans to some small businesses. Hereâs what to consider before taking one.
SoFi Mortgage Review: Pricing Perks and an Online Application But Only Offer Fixed-Rate Loans
Today weâll do a deep dive into SoFi, short for Social Finance, which offers mortgages, personal loans, student loan refinancing, and even a credit card. Their overall goal is to âhelp people get their money right,â but weâll focus on the mortgage part for the purposes of this review. Chances are youâve heard of the… Read More »SoFi Mortgage Review: Pricing Perks and an Online Application But Only Offer Fixed-Rate Loans
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Guide to Canceling a Pending Transaction
If you spot a pending credit card transaction that isnât correct or isnât even yours, canceling it will likely be your top priority. And for good reason: Itâs often wise to act quickly when dealing with this kind of financial situation rather than waiting to see how things work out. You want to take action […]
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Mortgage Coach and Sales Boomerang unify, launch “TrustEngine” platform
Roughly a year after being acquired by a private equity firm, Mortgage Coach and Sales Boomerang have merged their services onto one platform and rebranded to “TrustEngine.”
Consumer home buying interest highest since May
While more consumers are making moves toward purchasing a home, with one measure of that at the highest level since last May, the number is still well below one year ago, Redfin said. Its Homebuyer Demand Index, a seasonally adjusted measurement of requests to tour homes, make an offer and/or talk to a Redfin agent … [Read more…]
Non-QM, Correspondent, Outsourcing, Income Verification Tools; Third Party Updates; $31 million Warehouse Settlement
âMy landlord told me that she would like to have a chat with me about the house’s sky-high heating bills this winter. I told her, âSure thing, whenever you want. My door is always open.ââ A key selling point for originators, in talking to potential clients on the fence about buying a home, is rent. Rents have been increasing, and thereâs no sense of permanency, but if you canât pay your rent, qualifying for a home loan is going to tough. LendingTree found that more than 8 million U.S. adults live in a household not caught up on rent payments. About 3.6 million adults are also living in households that are not being charged rent, primarily in Mississippi, West Virginia, Alaska, Arkansas, and Alabama. There are plenty of rent disputes in the courts, just as there are disputes and cases involving mortgage bankers. I bring this up because convicted former MBA Chairman Ron McCord and his Oklahoma-based company settled CapLoc’s allegations that they put fraudulent loans on a funding line settled for $31 million. Brad Finkelstein did a write up. (Todayâs podcast can be found here and this week itâs sponsored by MGIC. Since 1957, MGIC has insured more than 13.5 million mortgage loans with innovative products, tools and strategies that help customers solve problems and fuel growth. Explore tools and solutions to boost your business here. Listen to an interview with Tallulah Le Merle, where she flips the script and asks Robbie questions about mortgages.) Lender and Broker Services and Software
Ex-Wyndham Capital Mortgage exec launches Cornerstone Home LoansÂ
Donny Kirby discusses the challenges he faces with starting a new mortgage brokerage shop and how he plans to scale his business.