Guaranteed Rate rolled out a new discounted rate option for real estate agents to offer sellers as they compete for buyers.
The “Lock it, List it” program lets sellers working with a Guaranteed Rate loan officer to pay a fee and lock in a discounted rate for a prospective buyer. Sellers can then advertise that rate as part of the selling process, getting a leg-up over the competition.
“We want to offer real estate agents and their clients the opportunity to lock in a rate that they can market to their potential buyers. In an environment where rates can be volatile, this is a key selling point for a future buyer,” said Jeremy Collett, Guaranteed Rate’s EVP, Head of Capital…
Two high-level execs at Fannie Mae will retire in the next twelve months, leading to leadership changes, officials at the GSE announced.
Fannie Mae President David C. Benson is retiring in 2024, while Chief Administrative Officer Jeffery Hayward will step down at the end of this year.
“We’re deeply grateful to both Dave and Jeff for their leadership and decades of service,” said Michael Heid, Chair of Fannie Mae’s Board of Directors. “As they depart, we are implementing our succession plans and streamlining our leadership structure to continue advancing our strategy and our mission to serve homeowners, renters, and the housing market as a whole.”
Benson served for 21 years in various roles at Fannie Mae, including Interim CEO, CFO,…
Non-QM wholesaler LendSure Mortgage Corp. introduced a new program allowing borrowers to finance new investment properties without selling their existing assets.
The Reverse 1031 Exchange with Bridge Loan program is a new addition to the lender’s non-QM offerings for real estate investors.
The LendSure Bridge Loan requires no payments until the maturity or sale of a relinquished property, giving investors early access to capital for down payments on replacement properties.
“The addition of the Reverse 1031 Exchange with Bridge Loan to our solution toolkit is an exciting development in the changing market,” Joseph Lydon, Co-Founder and Co-Managing Director of LendSure, said.
“By utilizing our 1031 Exchange solution, investors can seamlessly transition sale proceeds into new, similar investments, effectively deferring taxes…
Real estate investment lender CV3 Financial Services announced two new c-suite appointments.
Robert Callaway has been named CFO, while Ken Jacobson takes on the role of SVP, Capital Markets.
“We are excited to welcome Robert Callaway and Ken Jacobson to CV3’s executive team,” said William Tessar, CEO and President of CV3.
“Their extensive knowledge and impressive track records in their respective fields will be invaluable as we continue to expand our business, strengthen our financial performance, and create long-term value for our capital partners and the real estate investing community that we serve.”
Callaway brings more than ten years of financial leadership in the real estate sector to the role, at both public and private companies. His past experience includes…
Rocket is embracing artificial intelligence and leaders there say it will be a game changer in the lending industry.
Varun Krishna, CEO of Rocket Companies, emphasized their focus on AI in a statement accompanying the third quarter’s financial results.
“In today’s climate, innovation is essential. With the incredible amount of data in our ecosystem, paired with the transformative power of AI, Rocket is uniquely positioned to disrupt the industry. We’re just getting started and can’t wait to show you what we are building to revolutionize homeownership,” Krishna said.
Last month, continued advancements to the company’s Pathfinder tool were announced. Pathfinder is an AI and machine learning-powered search engine used by more than 40,000 housing professionals, according to a press release.…
Earnings for the third quarter of 2023 are out offering a view into how lenders did. Here’s a snapshot of how some of the nation’s top lenders handled this summer.
Rocket Mortgage
Rocket reported solid earnings with a net revenue boost of 12.8% YOY, though profits remained effectively flat from Q2 at $1.2 billion. Originations totaled $22.2 billion, down 13.2% YOY and also basically the same from last quarter, no big surprise given current market conditions. Its gain on sales margin rose for a third straight quarter, up 2.76%.
“I am very proud of our team for delivering strong results against a challenging economic backdrop,” said Varun Krishna, CEO of Rocket Companies. “In today’s climate, innovation is essential. With the…
By KIMBERLEY HAAS
The CEO of United Wholesale Mortgage says they are investing in technology and hiring new team members in preparation for a turn in rates.
Leaders at UWM Holdings Corporation announced their third-quarter results on Wednesday. Total loan origination volume was $29.7 billion, of which $25.9 billion was purchase volume.
Net income was reported at $301 million, which includes a $92.9 million increase in the fair value of mortgage servicing rights and diluted earnings at $0.15 per share. This was the second consecutive quarter of profits for UWM despite industry-wide challenges.
Mat Ishbia, chairman and CEO of UWMC, said in a statement that the strength of the company and the broker channel is on full display.
“While others…
Crystal Stanton has joined Mortgage Machines Services to manage customer success and onboarding, the company announced in a press release.
“It is a great opportunity to join Mortgage Machine and lead its customer success initiative during this exciting period of growth,” said Stanton. “I am eager to apply my background in customer success and within the mortgage industry to help Mortgage Machine customers maximize the value of our solutions and reach their business goals.”
Stanton brings more than two decades of experience to the position, having spent more than 10 of those years working in customer success for the mortgage industry. Her past experience includes senior customer success positions at multiple mortgage providers, where she developed experience guiding customers through…
David Smith has been promoted to Vice President of National VA Lending at loanDepot, company leaders announced.
In this newly created role, Smither will spearhead loanDepot’s VA lending strategy, including outreach to both the military community and industry pros to promote knowledge of VA mortgage products.
He will specifically lead the company’s VA Council, a group of originators who specialize in lending for active military personnel and veterans alike.
Smith has trained more than 28,000 real estate agents and consumers on the benefits of VA home loans.
“As a purpose-driven lender, loanDepot is incredibly proud to make the dream of homeownership a reality for thousands of military families each year,” said LDI Mortgage President Jeff Walsh. “We’ve developed a core…
Newrez announced a new venture mortgage company with Keller William Bergen County Partners.
Headquartered in Ridgewood, NJ, Carnegie Mortgage Partners allows homeowners in New Jersey to access a network of real estate agents offering mortgage product suites from Newrez and Newrez Ventures.
“We are excited to partner with Newrez because their vision, and more importantly, their values fit nicely with our own,” said Al Donohue, Operating Principal of Keller Williams Bergen County Partners. “We feel that bringing mortgage operations in-house will allow us to provide a one-stop-shop that will provide an enhanced experience for our agents and their clients.”
The company specializes in residential purchase mortgage lending and will focus on borrowers in New Jersey. Newrez noted that the partnership…
