Rocket Pro TPO Takes Aim At UWM Ultimatum With “Bully Shield”

By KIMBERLEY HAAS The executive vice president of Rocket Pro TPO told brokers across the country on Monday that they are willing to indemnify those who choose to fight United Wholesale Mortgage’s anti-competition ultimatum. During a live-streamed Ignite Live event, Mike Fawaz said he believes the ultimatum was one of the worst things to happen to independent mortgage brokers in 50 years. “The ultimatum uses lawyers and contracts to limit choice – both for the broker and for the clients the broker services,” Fawaz said. “There’s no other way to put it – the ultimatum is immoral, reduces broker incomes, and increases the rates the clients of brokers will pay.” Fawaz said that they stand behind brokers who want to…

Carrington Adding Assumable Loans To Its Services

Carrington Mortgage Services, a private non-bank lender, is adding assumable mortgages to its list of services. Assumable mortgages allow buyers to assume responsibility for a seller’s loan terms. This includes the current balance, interest rate, remaining term, and any other terms of the mortgage. “Carrington is committed to ensuring borrowers have every possible opportunity to obtain a loan on the home they want,” said Greg Austin, EVP, Mortgage Lending for CMS. “Assumable mortgages are another loan option that Carrington is educating home sellers and buyers about in this very complex real estate market.” Buyers who have the opportunity to assume a mortgage with a low interest rate could see significant savings over the life of the loan. Carrington is alerting…

Andrew Hubacker Named UWM CFO

Andrew Hubacker has been named Chief Financial Officer at United Wholesale Mortgage, the company announced in a press release. Hubacker is taking on the role immediately. As CFO, he will oversee the company’s finances, including accounting, reporting, compliance, tax, treasury, budgeting, forecasting, and liquidity management. “I’m humbled to be named UWM’s Chief Financial Officer,” said Hubacker.  “From helping to take the company public through the largest SPAC in history, to becoming the #1 overall mortgage lender in the nation, my experiences at UWM have been nothing short of extraordinary. The positive mindset and service mentality every single team member and leader have here is truly unmatched. I’m eager to continue elevating and enhancing the role and capabilities of our finance…

New American Rolls Out First-Time Homebuyer Grants

New American Funding is launching a new initiative for first-time homebuyers. Officials at the company announced the Pathway to Homeownership program on Monday.  Qualified borrowers in select areas can receive up to $8,000 in assistance to help them buy a new home. The money distributed through Pathway to Homeownership is a grant, not a loan. Those who receive it do not need to pay it back, according to the announcement. “One of the pillars of our company is helping members of underserved communities become homeowners,” said Patty Arvielo, Co-Founder and President of New American Funding. “The Pathway to Homeownership initiative helps people from all walks of life who are otherwise qualified clear the initial hurdles that come with buying a…

Allen Illgen Joins Mortgage Connect As National Sales Exec

Allen Illgen has joined Mortgage Connect LP, a national mortgage services provider, as a National Sales Executive, Originations, the company announced. “I am thrilled to announce that I have joined the exceptionally talented team at Mortgage Connect! I want to thank all of my amazing clients and former colleagues for their support and friendship as I transition to this exciting chapter in my career,” Illgen said in a LinkedIn post. “Mortgage Connect is known for its unwavering dedication to innovation, quality, and customer service, and I am very grateful to be part of this world-class team that always places the client first.” Illgen brings more than two decades of mortgage industry experience to the position. He most recently served as…

Kelly McGuinness Named PrimeLending NE Regional Manager

Kelly McGuinness has been promoted to SVP, Regional Manager for the Northeast Region at PrimeLending, the company announced in a press release. McGuinness will be responsible for loan origination production in the Northeast, including New York, New Jersey, Connecticut, Rhode Island, Massachusetts, New Hampshire, Vermont, and Maine. “Truly honored, humbled, and excited for this next adventure! It is a joy working with the best in the business,” she said in a LinkedIn post about the promotion. McGuinness brings more than three decades of mortgage industry experience to the position. Prior to PrimeLending, she owned her own mortgage company, United Mortgage Finance Group, for 26 years. She joined PrimeLending at the Milford, Connecticut branch as a Branch Manager in 2013. Her…

Community Bank Integrates Rocket Digital App Through Q2 Software

Rocket Mortgage will provide its digital home loan application product through a bank’s app for the first time. Fourth Capital, a Nashville-based community bank, will offer Rocket’s digital loan application to its customers inside their usual banking app through a new Q2 Holdings platform, the companies announced in a press release. “Rather than trying to build a mortgage lending service ourselves from scratch, we launched the award-winning Rocket Mortgage solution through Q2’s Innovation Studio Marketplace,” said Brian Heinrichs, CEO at Fourth Capital Bank. The bank partnered with Q2 Innovation Studio’s Marketplace Program. The program has an app store-like interface designed for banks and credit unions, which can then choose from pre-integrated third-party products. Fourth Capital customers can apply for a…

C-Suite Promotions At St. Mary’s

St. Mary’s Bank has promoted both Leo D. Simard, Jr., and Pamela Didio Roy, PHR, to C-suite positions, the credit union announced in a press release. Simard is now SVP/chief retail banking officer, while Roy has been named SVP/chief people officer. “We offer the best-in-class financial products and services to members, give back to the community, and create a supportive work environment where our employees thrive. Leo and Pam will help ensure we continue to meet and exceed these objectives,” Ken Senus, president and CEO of St. Mary’s Bank, said. Simard previously served as SVP/director of retail sales and member experience. In his new position, Simard will continue to oversee retail branches and financial services. His responsibilities will expand to…

Jim Daras Named CEO, President Of Cenlar FSB

D. James “Jim” Daras has been named CEO and President of Cenlar FSB. The mortgage loan subservicer and wholesale bank appointed Daras to the role from his position as EVP, which he has held since 2022, the bank announced in a press release. Cenlar is the country’s second-largest mortgage servicer and largest subservicer. “I am thrilled and honored to have been named CEO at this point in Cenlar’s journey. Cenlar was built on collaboration, expertise, client and homeowner care, and the ability to transform itself during each part of its journey, and I am confident in Cenlar’s long-term success,” Daras said. Daras has a long history with Cenlar, starting in 1985. After rising to CFO in 1990 he left the…

Carol Burke Joins MMI As Regional Director Of Enterprise Sales

Carol Burke has been appointed regional director of enterprise sales at Mobility Market Intelligence, the company announced in a press release. MMI is a leader in data intelligence and market insight tools for the mortgage and real estate industries. “MMI provides invaluable information, and I almost can’t believe the quality and quantity of data they aggregate and put together in a palatable and easily consumable way,” said Burke. “This is a tool I think every mortgage company should have and I want to be part of spreading that message. I also admire the people and culture at MMI and I’m proud to be a part of it.” Burke brings more than two decades of mortgage experience to the position in…