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…
Guaranteed Rate Insurance has developed a solution for homebuyers in high-flood risk areas, the company announced in a press release.
Its new private flood insurance API connection allows agents to provide flood quotes in all zones from multiple providers, directly through its CRM platform. Agents need only confirm property details and coverages/deductibles, with the binding process taking just minutes, company leaders said.
Flood quotes will be presented alongside homeowners quotes for properties in 48 states and Washington, D.C.
“Any agent who does not provide a flood quote is doing a disservice to their customer. Our top priority is to equip our agents with the necessary tools to offer their customers a wide range of coverage options, empowering them to make…
CoreLogic and Experian Verification Solutions have teamed up to enhance CoreLogic’s AutomatIQ Borrower Verification of Employment and Income.
Four different verification options are now available, allowing lenders to create custom waterfall verification solutions with individual objectives.
“People are at the heart of every mortgage transaction, and we want to ensure lenders are equipped with the most comprehensive solutions to bring clients a positive experience,” said Jay Kingsley, President of Mortgage Solutions, CoreLogic.
AutomatIQ now includes Experian Verify, giving lenders instant access to income and employment information, and Borrower Assisted Payroll, which lets borrowers submit their information on a vendor website for quick verification.
These are in addition to The Work Number and manual verification, both of which were previously offered…
FHA borrowers with loanDepot can now put zero down upfront with its new “accessZERO” program.
The program offers up to 5% of a home’s purchase price in down payment assistance structured as a 10-year fully amortized repayable second mortgage. It is geared towards buyers who are struggling with saving for a down payment as home prices soar.
Down payments by percentage have fallen in 2023 after inflating during the pandemic buying boom when buyers used them to outbid their competition. This is partly because FHA and VA loans, which allow borrowers to pay less upfront, have gained traction as homebuying gets more expensive.
As inflation runs rampant and home prices remain high, many Americans have struggled to save for a…
Rocket Mortgage’s search tool has new advancements, the company announced in a press release.
Pathfinder is an AI and machine learning-powered search engine used by more than 40,000 bankers, brokers, and underwriters to simplify mortgage processing.
“Pathfinder has been an invaluable tool for curating complex data and transforming it into knowledge engineering. This technology, and others that leverage advancements in AI and machine learning, are truly evolving how we can facilitate homeownership,” said Brian Woodring, Rocket Mortgage CIO.
Its custom Google AI search, which Rocket developed after releasing a searchable home loan knowledge database three years ago, increased Rocket’s speed and efficiency in answering client questions by 29%.
Rocket is now testing a new AI chat interface, which has shown…
Michael Sachdev was recently promoted from president to chief executive officer at Snapdocs and he says his secret to success is being a lifelong learner.
The California-based company powers millions of digital closings each year by combining an open platform, patented AI technology, a settlement network, and a team of industry professionals to enable lenders and title companies to automate the process, according to a press release.
In his new role, Sachdev succeeds the company’s founder, Aaron King, who is taking on the role of executive chairman. As CEO, Sachdev will oversee all company operations and business strategy, with input and oversight from the company’s board.
Sachdev recently sat down with editor Kimberley Haas to talk about the promotion and…
Ross McWilliams has been promoted to EVP and managing director of Ameris Bank’s Homebuilder Division, according to a press release.
Ameris provides loans and banking services for new home construction, including construction financing, builder lines of credit, and residential builder financing.
“Like all sectors, the homebuilder industry is facing unique challenges,” McWilliams said. “As I take on this role, I am laser-focused on working with our team to tailor solutions to each customer’s particular needs.”
Prior to his promotion, Ross served as SVP and Regional Production Manager for Ameris. His other experience includes leadership positions at Fidelity Bank, Park Avenue Bank, and Bank of America.
“Ross McWilliams has more than 15 years of experience with Ameris Bank and 30 years…
