Floify President Talks About Value Of Automation, Integration

By KIMBERLEY HAAS The president of a leading point-of-sale solutions company says although artificial intelligence is getting lots of attention in the mortgage industry, there is still plenty of room for “good old-fashioned automation.” Sofia Rossato, a high-tech executive who started working for Boulder-based Floify in 2022, said during a recent interview that in today’s market, mortgage professionals are being asked to do more with less and if someone has to do the same thing more than twice, it’s a candidate for automation. “Any time you can look at your tech stack and figure out what automation is available in your tech stack that you’re not taking advantage of, that you could take advantage of to save yourself a half…

PMG Launches 1% Down Payment, 2% Grant Program

Panorama Mortgage Group rolled out a new down payment-plus-grant program for first-generation homebuyers. The 1st Generation Homebuyer (1st Gen) loan program allows eligible borrowers to put down 1% on a home. The company boosts the down payment with a 2% grant, which the borrower is not obligated to pay back. This elevates borrowers to a 3% down payment for a conventional mortgage, a great loan type for buyers whose income can cover monthly payments but who may struggle to save for a large down payment upfront. “We believe in dismantling barriers to homeownership and fostering financial empowerment,” said Jason Madiedo, President, and CEO of Panorama Mortgage Group LLC.  “Our 1st Gen loan program is a game-changer, designed to bridge the…

Rocket Hires Shawn Malhotra As Chief Technology Officer

Leaders at Rocket Companies announced on Monday that they have hired Shawn Malhotra as their first group chief technology officer. Malhotra is tasked with overseeing the development and implementation of technology across the entire Rocket Companies’ ecosystem. That includes artificial intelligence development, data science, product engineering, technology operations, and information security, according to a press release. While working at Thomson Reuters, Malhotra held several technology leadership roles. Under his oversight, the company established a platform to accelerate development of generative AI solutions while introducing an industry-leading AI assistant spanning all Thomson Reuters products. Malhotra also served as the CTO of Thomson Reuters’ Corporate Technology business unit and when he joined the company in 2017, he helped found Thomson Reuters’ Toronto…

Ian Aubourg Joins AnnieMac

Mortgage exec Ian Aubourg joined AnnieMac Home Mortgage’s leadership team as SVP of Retail Sales, the lender announced in a press release. Aubourg brings decades of experience to the position, having held leadership roles with major companies like Embrace Home Loans, Movement Mortgage, and Mortgage Equity Partners. “I am so excited to have found a company and leadership who is ready to take a huge leap forward, as opposed to just surviving this market,” says Ian Aubourg. “We are partnering at the perfect time as AnnieMac is at the precipice of taking market share and providing better solutions to Loan Officers. I am honored and humbled to be building a brand under the AnnieMac umbrella!” Based in Rhode Island, his…

Rocket Reports Momentum Gains In Q1

Rocket Companies began 2024 with strong momentum, according to CEO Varun Krishna. The parent company of Rocket Mortgage reported a total net revenue of $1.4 billion and adjusted revenue of $1.2 billion. GAAP net income was reported at $291 million, or $0.11 per GAAP diluted earnings per share. Adjusted net income was reported at $84 million, or $0.04 per adjusted diluted earnings per share. The company delivered a first-quarter adjusted EBITDA of $174 million, the highest adjusted EBITDA in two years, according to company leaders. “As an organization, we are driven to execute and win and our determination is absolute. We’re playing both the short and the long game, gaining momentum and achieving success while strategically planning and executing for…

Ron Ross Named CFO Of MMI

Mobility Market Intelligence named Ron Ross as its new chief financial officer. Ross brings decades of c-suite experience in the tech world to the position, having previously held leadership roles at Teem Technologies, Ecoscraps, and SkullCandy. Before joining MMI, he served as president and COO of  Everee Inc., a payroll company that he founded. There, he led teams in a variety of departments while also overseeing product, engineering, finance, and accounting. “Ron was our first choice when thinking about who would be the best fit as CFO. With MMI’s rapid growth comes a specific set of challenges that Ron’s unique experience and natural strategic ability can help us solve,” said MMI Founder and CEO Ben Teerlink. Ross holds a Master…

Fannie Mae Turned A Profit In Q1 But Couldn’t Best Expectations

Fannie Mae’s Q1 earnings fell short of expectations, but the GSE turned a profit last quarter. The mortgage giant reported $4.3 billion in net income for Q1 2024, up from $3.9 billion in Q4 2023 but lower than analysts expected. Its overall revenue was $7.1 billion, a sturdy sum but lower than expectations of $7.68 billion. Leaders at the GSE focused on the fact that Fannie Mae has turned a profit for 25 consecutive quarters.  “The strength of the U.S. economy, higher single-family home prices, and the credit quality of our book of business continue to be important factors affecting our performance. This quarter, we provided $72 billion in liquidity to the U.S. housing market. This helped 280,000 households buy,…

loanDepot Introduces New LO Training For VA Loans

loanDepot introduced a new training resource for loan officers interested in expanding their knowledge of VA loans. The “VA Loan Officers Master Class” was designed to help LOs navigate the important and specialized world of veterans’ loans. VA loans offer huge benefits for America’s armed forces but can be difficult to close. Lenders working with veterans need a deep knowledge of the requirements for these loans, which differ from conventional loans in everything from documentation to the appraisal process. Lack of understanding creates unnecessary roadblocks for veterans in the housing market, according to Jenny Wemert of Wemert Group Realty. “There’s too many stigmas attached to a VA mortgage that aren’t really realistic,” she told Spectrum News. The VA Loan Officers…

ICE Reveals “Conversational” Update To MSP System

ICE rolled out a new interface for its mortgage loan servicing system with “conversational” capacities. The MSP Digital Experience (MSP DX) streamlines workflows and increases efficiency for servicing pros by providing “a more intuitive, dynamic and conversational” way to interact with the system. Users can ask the system for what they need using everyday language, saving time and energy otherwise spent sorting through pages of information. “Mortgage escrow is inherently complex, and the technology lift to handle the many moving parts is significant,” said Tim Bowler, President of ICE Mortgage Technology. “But with the introduction of MSP DX we are helping servicers manage the escrow process more efficiently. This will enhance workflow management for servicers and improve the household experience.”…

Jeff Wilkish Named Regional VP For New England At loanDepot

Jeff Wilkish has been named Regional VP for New England at loanDepot, the lender announced in a press release. In his new role, Wilkish will oversee growth and performance at branches throughout New Hampshire, Rhode Island, Massachusetts, Maine, and Vermont. “As we considered how to fill this critical leadership position, we looked for someone who is both an exceptional developer of originator talent, and also part of the fabric of New England. A native New Englander, Jeff fits the bill all around,” said loanDepot Executive Vice President John Bianchi. “I couldn’t be more excited about marrying Jeff’s particular strengths with those of our amazing team.” Wilkish comes to loanDepot from Movement Mortgage, where he spent seven years as a sales…