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…
Fintech NewDay USA has been named a finalist for the U.S. Chamber of Commerce Foundation’s 2023 Citizens Awards, honoring businesses devoted to positively impacting lives across the globe.
NewDay, a VA mortgage lender, was nominated in the Best Corporate Steward: Small and Middle Market Business category for its commitment to veterans and their families in the homebuying process.
The company helps veterans navigate their VA home loan benefits in order to make informed financial decisions as they search for a home.
At the same time, its nonprofit arm, the NewDay USA Foundation, provides educational scholarships to children of vets across the country. They also support organizations such as the Medal of Honor Foundation, Global War on Terrorism Memorial Foundation, the…
Leaders at Lendesk Technologies have announced a new product for Canadian brokers which finds mortgage options from lenders that fit the specific needs of clients.
The Lender Spotlight AI Assistant can sift through a database containing thousands of mortgage policies from lenders across Canada. According to a press release, the new technology will enable brokers to focus on building relationships with clients while offering them expert guidance.
“Lender Spotlight AI Assistant is set to propel the mortgage industry into the age of artificial intelligence, with an initial focus on simplifying the complexities of mortgage policies. The tool offers unmatched insights, enabling mortgage brokers to swiftly identify policies ideally suited to their clients’ specific needs. Instead of spending hours sifting through…
Wholesale and correspondent lender Click n’ Close has hired Kara Lamphere as Chief Operating Officer, the company announced in a press release.
“Kara is a powerhouse, and we are thrilled to have her back as part of our executive team to help guide our continued growth and success,” said Click n’ Close Owner and CEO Jeff Bode. “There is a lot on the horizon for us as an organization, and adding Kara to our team of experts is imperative to accelerating Click n’ Close’s growth, especially for our SmartBuy down payment assistance product suite.”
Lamphere brings more than two decades of experience to the role, holding leadership positions at companies such as Guaranteed Rate, InterLinc Mortgage, CMG Financial, and Prime…
Loan management and servicing platform Peach Finance has joined forces with Google Cloud to produce new AI-driven technology, the company announced in a press release.
“Peach has leveraged Google Cloud from day one, benefiting from Google Cloud’s experience running safe, performant, and secure cloud infrastructure. With AI, Google Cloud has applied the same security and safety principles, allowing Peach to securely and safely use AI to enhance our lenders’ capabilities. Lender data will never be used to train Google Cloud AI models, and cannot be accessed by Google Cloud,” said Peach CTO Eran Sandler.
Peach offers loan management, payment processing, CRM, reporting, and compliance monitoring, as well as borrower and agent portals. Its Self-Service Portfolio Migration capability is a stand…
Cari Gordon has been named Chief Audit Officer of Fay Financial, the company announced in a press release.
In her new position, Gordon will oversee the strategy and operations of Fay’s Internal Audit team and its risk-based audit plan, ensuring the company is on top of its game in the rapidly changing market.
“I’m immensely excited about joining Fay. Everyone from my team up through the senior executive level has extensive experience within the mortgage industry, and I look forward to working with such a talented team with so much depth,” Gordon said.
She brings more than a decade of auditing experience and nearly thirty years of financial industry experience to the role.
Most recently, Gordon served as Internal Audit…
Banking platform Blend is betting on IMBs with its latest offering, a bare-bones, low-cost product for small lenders.
Blend IMB Essentials, a stripped-down version of Blend’s mortgage suite, provides the features necessary for retail independent mortgage banks to succeed in today’s market.
Small lenders can pay for just the features most critical to their banking needs, reducing the cost burden of cloud banking technology.
IMB Essentials includes Blend’s famous application process, soft credit pulls for cost savings, hard credit pulls, automated conditions management, and real-time loan pricing and scenarios. Customers whose businesses grow can also easily scale up to Blend’s full offering later.
“This is a historic time for our industry. The mortgage market is grappling with the effects of…
