Simon Chen has been named the new president and CEO of equity-minded buy-first lender Arrival Home Loans.
“So thrilled to be joining such a great group of people at Arrival Home Loans and Pacific Private Money Inc. to make private money real estate borrowing and investments available to ALL!” he wrote in a LinkedIn Post.
Chen brings more than two decades of experience in real estate, operations, and venture capital to the position. Before AHL he served as a Managing Partner at August Gill, an advisory firm for startups and capital providers. He will stay on there as an advisor.
His other experience includes EVP of Product and Innovation at Anywhere Real Estate, and president and CEO of one of…
Carrington Mortgage Services expanded its offerings to include 40-year loans and temporary buydowns as homebuyers prioritize affordability in today’s tough market.
The lender said it aims to offer greater affordability to homebuyers, especially first-timers, buyers who are in the process of improving their credit, and those with non-traditional incomes.
“At Carrington, it’s our company’s mission to enable a lifetime of simple and attainable homeownership,” said Greg Austin, EVP of Mortgage Lending for CMS. “For homebuyers looking for greater affordability, our 40-year loan and temporary buydowns are options that we are proud to offer.”
Broad offerings are especially important in the age of gig work and side hustles.
One study found that gig workers make up a full quarter of the…
By KIMBERLEY HAAS
Leaders at Rocket Pro TPO have announced a new loan level pricing adjustment tool and the executive vice president says it is the result of listening to feedback from their partners.
Mike Fawaz sat down with The Mortgage Note on Monday to talk about Target Profit Control, which eliminates misquoting or loan adjustment oversights by applying systematic profit levels.
Fawaz said that before Target Profit Control, correspondent brokers were tracking files manually.
“Now, you have the ability to set your target profit per loan officer and you no longer have to really go into every single file manually. It’s now set on a loan officer basis,” Fawaz said. “It is an innovative technology. It’s something that is…
Jim Fraser has joined Anchor Loans as Chief Operating Officer, the company announced in a press release.
Fraser brings three decades of experience to the position. He most recently served as SVP for Commercial Real Estate Lending Solutions at Built Technologies.
“Having known Jim for almost 20 years at multiple phases of his career, I’m confident that he will be an excellent addition to our leadership team, helping advance our customer and people-focused culture so we can deliver an exceptional customer and employee experience – the best path to market leadership,” said Rayman Mathoda, Anchor Loans’ CEO.
He has held senior positions at various lenders, including EVP of Commercial Lending at Axos Bank and SVP at Banc of California. He…
U.S. Bank announced a new Special Purpose Credit Program (SPCP) geared toward increasing homeownership in communities of color.
The Access Home Loan provides up to $12,500 in down payment assistance to qualified borrowers, as well as up to $5,000 in additional lender credit for closing costs. Buyers can opt to use the lender credit to buy down their interest rate, addressing a dire affordability problem in today’s high-rate environment.
It is currently available in pilot markets where the minority population is more than 50%. Those include Las Vegas, Little Rock, Milwaukee, Minneapolis, and St. Louis, as well as six California cities.
While the loan is designed for first-time buyers, other borrowers can qualify as well.
“We know that homeownership is…
This Disability Pride Month, Down Payment Resource has highlighted homebuyer assistance programs designed for people with disabilities.
People with disabilities may be eligible for any homebuyer assistance program, but there are some resources geared toward this group in particular. While they vary in purpose and scope, they all serve to support the dream of homeownership for people with disabilities.
“Homeownership provides individuals with disabilities and their caregivers with greater independence and empowerment. It allows them to have control over their living environment, make decisions regarding accessibility modifications and customize their homes to meet their unique needs,” said Down Payment Resource founder and CEO Rob Chrane.
“My hope is that this report will raise awareness about the available programs that provide…
Software company Hawthorn River is teaming up with fintech BeSmartee to integrate its financial spreading product, FlashSpread.
FlashSpread uses Optical Character Recognition, AI, and proprietary algorithms to transform raw data into a Debt Service Coverage Ratio with the press of a button. This allows lenders to make credit decisions quickly and with confidence.
“Hawthorn River is about creating meaningful efficiencies for community banks,” said Jon Rigsby, CEO of Hawthorn River. “Our partnership with BeSmartee and the integration of the FlashSpread product ensures these institutions can focus on their core mission – serving the banking community – by automating and simplifying the financial spreading process.”
Lenders can upload scanned tax returns, get instantaneous spreading of financial data with potential errors or…
VA mortgage company NewDay USA is bringing out its own spotlight, partnering with full-service marketing agency Moburst, the companies announced.
Moburst will work to customize NewDay’s user experience and consumers’ journey to find a product that fits their needs, as well as guide NewDay on media management, website development, and content.
“I’m excited to see how we can create a new paradigm for US veterans. Moburst is miles beyond its competitors, which is why I’m confident it is going to be very successful in running our digital marketing efforts. We have the opportunity to do something new together and create a successful digital funnel that can bring in business and help veterans along the way,” said NewDay USA CEO Rob…
The executive vice president of Rocket Pro TPO says a lack of housing inventory has been hurting mortgage professionals, but he is confident broker partners and loan officers have the tools to help homebuyers achieve their goals.
Mike Fawaz recently sat down with Editor Kimberley Haas to talk about this year’s successes and challenges.
Haas: Mike, so it’s great to have you here today as always. What have been some of the successes in this past year working with the Rocket Pro TPO team?
Fawaz: First of all, thanks for having me and I’m excited to have this conversation with you. When I think about the successes of Rocket Pro TPO this year with the broker channel, it’s been a…
Jody Mulkey has been named chief technology officer at First American Financial Corporation, the company announced in a press release.
Mulkey will oversee FirstAm’s corporate product development team, which will build and enhance enterprise products for customers across the spectrum.
“It is an honor to join such an incredible company with its unique combination of financial strength and stability built over more than 130 years, innovative technology assets, and unmatched data capabilities. Grateful to be part of the team that is leading the digital transformation of the industry,” Mulkey said in a LinkedIn post.
He noted that First American is at the “forefront of real estate innovation.” “I’m looking forward to accelerating the company’s product development efforts in ways that…
