Wells Fargo is funding a new initiative from nonprofit UnidosUS to create four million new Latino homeowners by 2030.
HOME, which stands for “Home Ownership Means Equity,” is a new plan to influence systemic change in order to make homeownership available to more Latinos in the U.S.
“We need to make homeownership more accessible, especially in historically marginalized communities,” said Kristy Fercho, head of Diverse Segments, Representation, and Inclusion at Wells Fargo.
Over the next 20 years, Latinos are forecast to account for most new homebuyers in the U.S.
“Between 2020 and 2040, if you’re talking about the homeownership increase, 70% of the new net homeowners are actually Hispanic,” researcher Jun Zhu from the Urban Institute told WFAE. “This is…
David Smith has been named head of Truist Mortgage, Truist Financial Corp. announced in a press release.
Smith will replace Todd Chamberlain, who will retire effective July 31. He will assist in Smith’s transition.
In his new role, Smith will spearhead strategy and execution for all areas of mortgage lending, including originations, fulfillment, correspondent and warehouse lending, and directing channels. He reports to Chief Retail and Small Business Banking Officer Dontá Wilson.
“David’s experience and accomplishments as a leader in the mortgage industry position Truist to reimagine the future of Truist Mortgage for our clients,” Wilson said.
“As we mark David’s installment as a leader, I want to also express my gratitude for Todd Chamberlain’s leadership to help make the…
Anyone.com, an international finance company, is looking for U.S. lenders to join it in offering a 50/50 homeownership model designed to combat the affordability crisis.
Anyone, an Amsterdam-based finance company that hasn’t officially launched yet, is teasing the program as part of its goal to promote “housing for reasonable pricing and, above all, homeownership” despite the affordability crisis.
The Anyone Mortgage lets potential buyers purchase a home with Anyone, giving Anyone up to 49% holding in the home’s equity and the buyer at least 51%. This is necessary to reduce the debt burden on the homeowner and gives both lender and buyer a shared interest. Rather than make money on interest, Anyone profits when the house’s price appreciates.
“The current…
Industry veteran Thomas “Tom” Donatacci is joining Cenlar FSB as SVP and Investor Relations Officer, the company announced in a press release.
“I am excited to be joining Cenlar, the leading subservicer in our industry, at this point in the evolution of the company and my own career,” Donatacci said.
In his new position, Donatacci will strengthen relationships with Cenlar’s stakeholders, as well as grow relationships with clients and prospects.
Donatacci brings decades of leadership experience to the position, including extensive work in servicing and subservicing, due diligence, and M&A. Prior to Cenlar he served as EVP of Business Development for The Money Source Inc. His other experience includes Chief of Staff at Impac Holdings, EVP of Special Servicing at…
Veros Real Estate Solutions, an enterprise risk management and collateral valuation services company, released new research that shows its Automated Valuation Model does not discriminate based on redlining.
Experts have recently sounded the alarm on bias in home appraisals. Studies have shown that homes occupied by Black Americans are consistently undervalued compared to similar homes with white owners.
Automated home appraisals are supposed to reduce the problem by removing human biases altogether, but concerns persist that the algorithm, fed human-produced data, can reproduce these problems. Further, they may be harder to spot because of the apparent objectivity of the technology.
The Consumer Financial Protection Bureau introduced a rule intended to safeguard homeowners against this issue earlier this month.
“While machines…
Dan Kellett has been named Chief Technology Officer of the data and workflow solutions company FirstClose.
In his new position, Kellett will oversee FirstClose’s technology and strategy regarding applications, data, cybersecurity, and infrastructure.
“It’s exciting to join FirstClose at this time of immense change, challenges, and innovation in the mortgage industry,” Kellett said. “FirstClose’s focus on providing a true digital home equity experience makes this a unique opportunity, and by expanding the ecosystem leveraging our platforms and provider network, we’ll increase our speed of adoption which will keep us at the forefront of mortgage innovation.”
Kellet brings more than a decade of software engineering and leadership experience to the position. Prior to FirstClose, he served as Head of Technology and…
Guild Mortgage has introduced a new 1% down, 1% one-year lender interest rate buy-down program.
The program, 1% Down Payment Advantage, allows homebuyers to make the smallest possible down payment, with Guild covering the remaining 2% to bring the payment up to its 3% minimum requirement.
Guild is offering a lender-paid temporary rate buydown as part of the program. Consumers can then refinance with Guild later with no lender fees.
Leaders at Guild say they are committed to helping Americans tackle the three main components of owning a home: the cost to get in it, the cost to stay in it, and the ability to handle unexpected emergencies in the first five years.
“No matter what is happening in the…
Bryan North-Clauss has been appointed Chief Revenue Officer (CRO) at Truv, the company announced in a press release.
North-Clauss bring more than twenty years of financial services experience to the position. Prior to Truv, he spent four years at AlphaSense, as VP and then SVP of Global Sales, Financial Services. He has also held leadership positions at Natixis CIB Americas, Deutsche Bank, Lehman Brothers, and Morgan Stanley.
“When I first met the Truv leadership team, I could tell that we had something special here,” North-Clauss said. “Truv’s best-in-class consumer-permissioned data platform has become indispensable for lenders, financial institutions and background screeners. I am thrilled to be joining Truv on their mission to put data back in the hands of consumers.…
By JARED WHITLEY
Storm clouds continue to hang over some U.S. markets. Four real estate titans have recently lost their Fortune 500 status. There are dire predictions specifically for the commercial real estate sector. Forbes summed up the housing market this week with, “Despite being well into the spring homebuying season, the housing market is still experiencing a winter chill.”
But for one company, the bad news is much worse.
Two lawsuits have been filed against Michigan-based United Wholesale Mortgage, with former underwriters accusing the company of a variety of misdeeds, including:
· Retaliation
· Hostile workplace environment
· Gender/sexual harassment
· Failure to pay minimum wages and overtime
This is the latest of a long list of accusations against…
Jennifer Schachterle has been named SVP of Sales and Business Development of the Federal Home Loan Bank of San Francisco (FHLBank San Francisco).
In this position, Schachterle will oversee the bank’s relationships with its more than 300 member financial institutions across the West. She leads the team spearheading its sales, business development, and new member recruitment.
“I’m excited to join FHLBank San Francisco and the team that is fulfilling their mission to provide liquidity to members and support homeownership, fund development of affordable housing, and economically energize communities,” she said.
“As a former member of FHLBank San Francisco, I’ve seen firsthand their impact across so many touchpoints, and I’m inspired by the opportunity to partner with our member banks, credit…
