A Look Back At Q4 2023 Earnings

Earnings for the fourth quarter of 2023 are out, offering a view into how lenders did in the colder months and the year overall. Here’s a snapshot of how some of the nation’s top lenders handled last winter. Rocket Mortgage Rocket reported depressed earnings, with losses of $233 million quarter-over-quarter and a full-year net loss of $390 million. Its adjusted revenue was $885 million and registered an adjusted net loss of $6 million. Originations totaled $17 billion in Q4. Its gain on sales margin clocked in at 2.63%. “I’m so confident about our future and the collective impact we will make as a team, and the best part is that our journey is just beginning,” Varun Krishna, CEO and director…

Marketing Pro Sara Holtz Joins Optimal Blue

Marketing veteran Sara Holtz has joined Optimal Blue as its Chief Marketing Officer, the company announced in a press release. Holtz brings more than two decades of experience to the position, including ten years specifically impacting the mortgage industry. In her new role, she will spearhead marketing and communications strategies to advance Optimal Blue’s industry influence. “As the only comprehensive capital markets solution in the mortgage industry, Optimal Blue helps lenders realize greater profitability and operational efficiency, which plays an essential role in making the dream of homeownership attainable for the American borrower,” said Holtz. “It’s an honor to join Optimal Blue – a company that’s been regarded for its innovation and expertise for decades. I am energized by the…

Floify Unveils Flexible Pricing Platform

POS provider Floify introduced a sidekick to its popular platform that includes a flexible per-loan pricing option. Lender Edition, the newly badged version of Floify’s POS, is a counterpart to Broker Edition, the one-stop lending platform it introduced last December. The product still offers the most popular features among Floify users, including an intuitive interface for borrowers and lenders, automated document management workflows, free native eSign functionality, verification of income and employment waterfall functionality, and loan progress transparency. Lenders can now take advantage of these features without breaking the bank. “While some vendors are squeezing lenders on pricing during market hardship, Floify is committed to being a supportive partner by being flexible on pricing without compromising access to product features…

Click n’ Close Unveils Mortgage Product For Rural Buyers

Wholesale and correspondent lender Click n’ Close launched a new mortgage product designed for homebuyers in rural America. One-Time Close is a loan program for government-insured mortgage products that offers down payment assistance to buyers in select rural markets. Borrowers can get 100% loan-to-value financing covering land, construction, and closing costs with no payment or minimum investment required. They can also finance the 1% USDA Guarantree Fee up to 101% LTV. “Given current market conditions, affordability is the number one challenge among potential homebuyers,” said Click n’ Close Owner and CEO Jeff Bode.  “As prospective borrowers venture further out from cities and traditional suburban markets, Click n’ Close stands as a resource, providing powerful financing tools for both wholesale lenders…

Mark Tribuna Named Arrive Home COO

Mark Tribuna has been named Chief Operations Officer at Arrive Home, the company announced in a press release. In his new position, Tribuna will take charge of operations and oversee the company’s growth as it expands homeownership access to underserved borrowers. He previously served as Chairman and CEO of Nation One Mortgage Company. His other experience includes executive-level positions at EquiShare Alliance, NAF, Southwest Funding, and CBC Mortgage Agency, among others. “We are excited to welcome Mark to the Arrive Home team,” said Arrive Home President Tai Christensen. “His expertise in mortgage operations and financial management will be critical in assisting us as we make massive strides toward solidifying our position as a leader in affordable housing solutions.” Arrive Home…

Cornerstone Servicing President Talks About Retaining Borrowers

By KIMBERLEY HAAS The president of Cornerstone Servicing says they are prepared for both ups and downs in 2024. Toby Wells said in a recent interview with The Mortgage Note that although industry leaders hope for improvements after a tough year in 2023, people are worried about how much financial pressure American homeowners are under. Inflation, the rising costs associated with ownership, as well as increases in taxes and insurance are at play. “All of that kind of resonates in the potential for higher delinquencies and defaults leading into the latter part of ‘24. There’s concern about how to manage that,” Wells said. Although there has been historically low foreclosure activity in recent years, lenders started the process on 22,575…

Snapdocs, Fairway Complete Largest Ever eNote Migration

Snapdocs and Fairway Independent Mortgage Corporation recently completed the largest eNote migration in mortgage history. The migration was done as part of Fairway’s integration of Snapdocs’ eVault. Fairway is a leader in eClosing and operates hundreds of branches across the U.S. The company has eClosed more than 100,000 transactions in the last five years and leads in delivery volume to Fannie Mae and Freddie Mac, alongside MERS registrations.   Teri Pansing, SVP of Corporate Closing for Fairway, said Snapdocs stood out for its ability to deliver a seamless digital closing experience for borrowers. “The branches know their customers and their circumstances best. We want them to have trust in the process, the platform, and the support to know that eClose is…

One-On-One: CEO of Dark Matter Technologies Talks About Transition, Automation

The CEO of Dark Matter Technologies says they remain focused on streamlining processes for their clients as they work to revolutionize the mortgage industry. Leaders at the company, formerly Black Knight Origination Technologies, announced in September that they had rebranded after being acquired by the Perseus Operating Group of Constellation Software. Since that time, they have announced a collaboration with Argyle to simplify the income and employment verification process and an integration that allows lenders to instantly leverage income and employment information through Experian Verify. They have also implemented an automated workflow in the Empower loan origination system that makes it easier for lenders to identify and qualify loan applicants who could benefit from an evaluation of their rent payment…

Fannie Mae Announces Enhancements To Desktop Underwriter

Fannie Mae announced enhancements to its Desktop Underwriter that will streamline originations for lenders and buyers. The new capability automates the validation of borrowers’ assets, income, and employment and produces a 12-month report. Bank statements, information about assets, and other data from third-party vendors become available in just one step. The report can then also be used to consider positive rent payment and cash flow history, a feature that supports borrowers with little or no credit history. Fannie Mae says lenders can “achieve Day 1 Certainty” when with validated information, potentially increasing loan quality and reducing repurchase risk. “Fannie Mae is continually focused on modernizing the mortgage finance experience and exploring new ways to help our lenders open more doors…

Andrew Taffet Succeeding Bruce Rose As Carrington CEO

The Carrington Companies’ founder and longtime CEO Bruce Rose is transitioning out of that role, to be succeeded by company veteran Andrew Taffet. Taffet, currently the company’s Chief Investment Officer, will remain in that position and take on the duties of CEO. Rose will assume the position of Chairman of the Executive Committee. “This is not a dramatic handoff by any means, but rather a natural next step for our business,” Rose said in a press release. “In addition to his duties as Chief Investment Officer, Andrew has been handling the day-to-day operations and oversight of our company for some time. The Carrington Companies will continue to operate as they have for the past 20-plus years. Our effectively self-hedged business…