By KIMBERLEY HAAS
As the housing market moderates after a whirlwind pandemic ride, affordability continues to be a chief concern for consumers and mortgage providers are responding with a variety of programs to encourage potential buyers to get off the sidelines.
Leaders at Rocket Mortgage say that a major hurdle on the path to homeownership for their clients is saving for closing costs and earlier this month they announced a national program where buyers can receive help through BUY+, a collaboration with Rocket Homes.
Buyers can receive a credit of 1.5% of their loan amount – up to $10,000 off their closing costs – by working with a Rocket Homes Partner Agent. Those working with an unaffiliated real estate professional…
Brian McKray has joined Mobility Market Intelligence as director of product development, the company announced in a press release.
In his new role, Mr. McKray will be responsible for overseeing the product development team, as well as managing new product launches and enhancing existing products to meet customer expectations.
“I’m thrilled to work with people I’ve known, respected, and interacted with on a variety of levels for so many years. To be part of this dream team that Ben [Teerlink] has put together is exhilarating and flattering at the same time,” McKray said.
Utah-based Mobility Market Intelligence offers data intelligence and market insight tools for the mortgage and real estate industries.
With over 20 years of experience, McKray has held…
Guild Mortgage continues its expansion efforts, announcing a new district in California made up of eight branches.
The branches have 40 new Guild employees, led by district manager John Lowe, who will report to regional vice president Mike Ferreira.
“Guild’s reputation and history of stability were a major draw for our group, giving us the confidence to make the move, become part of one of the best organizations in the industry, and continue to build on the success we’ve achieved together,” said Lowe.
“Guild’s business model and ability to service the majority of its home loans means each member of our team can make a long-term commitment to help every customer beyond the closing of a loan, which is a…
Tom Rice has been named SVP of Sales and Account Management at mortgage tech and marketing company Volly, according to a press release.
Rice brings more than two decades of experience to the position, having previously served in leadership roles at Open Lending and CUNA Mutual.
“I am thrilled to be a part of the Volly team,” said Rice. “I joined the company at a very exciting time. Volly is an incredibly innovative company with a people- and values-first approach that I greatly admire.”
In his new role, he will lead Volly’s sales team while increasing revenue growth through new initiatives and programs.
“I am beyond excited to have Tom join us here at Volly,” said CEO Katharine Loveland. “His…
Investors’ lender Kiavi has named Alex Urmersbach as Chief Financial Officer, the company announced.
In this position, Urmersbach will head the company’s finance, accounting, capital markets, and business operations divisions.
“I couldn’t be more excited to join Kiavi, especially as the company continues to demonstrate impressive growth and differentiation in this challenging macroeconomic environment,” he said.
“I look forward to working with the Kiavi team to build on its already strong foundation, and am deeply committed to the organization’s mission of providing real estate investors with the capital they need to scale their businesses and revitalize aged homes across the country.”
Kiavi is a private lender focusing on residential real estate investors, with more than $13 billion in funded loans.…
Parvesh Sahi has joined tech company Polly as Chief Revenue Officer.
In his new position, Sahi will be involved in corporate strategy, business development, sales, and account management.
“I’m very happy to share that I am rejoining the mortgage industry with Polly as Chief Revenue Officer. I can’t tell you how excited I am about the tech and team that Polly is putting together to solve real industry needs. Looking forward to catching up with everyone,” Sahi wrote in a post.
Polly is a data-driven capital markets ecosystem providing a Product and Pricing Engine and Loan Trading Exchange, as well as actionable data and analytics, to banks and lenders across the country.
Sahi joined Polly from ICE Mortgage Technology, where…
United Wholesale Mortgage is offering a 1% down payment product in a bid to bring in more borrowers.
The Conventional 1% Down allows buyers to pay 1% towards their new home. UWM will then pay an additional 2%, up to $4,000, for a combined 3% down payment.
“We are bringing back the Conventional 1% Down to give independent mortgage brokers a competitive edge with borrowers and real estate agents, while also helping make homeownership more affordable and accessible for borrowers across the country,” said Mat Ishbia, president and CEO of UWM.
“We’re going to continue developing products and solutions that will help get more borrowers into homes faster, easier, and cheaper, and Conventional 1% Down is a great example of…
By KIMBERLEY HAAS
Leaders at Rocket Companies in Detroit have launched a credit card designed for potential homebuyers and homeowners.
Cardholders can earn 5% back – up to $8,000 – to use for closing costs and down payments with the Rocket Visa Signature Card. Homeowners with loans serviced by Rocket Mortgage can use points to receive 2% of their card spending for their unpaid principal balance, according to a press release.
The card is integrated with Rocket Money, a personal finance app with more than 3.4 million members. Co-Founder and CEO Haroon Mokhtarzada said since joining Rocket Companies at the end of 2021, they have been able to help users plan for their financial future.
“After honing their budgets, we’re…
New American Funding changed the name of its all-cash program Buyer Accepted to NAF Cash, the company announced in a press release.
NAF Cash is an affiliated company of NAF, which itself recently rebranded.
“Moving forward, homebuyers can be even more confident in knowing that NAF Cash is associated with one of the nation’s top mortgage lenders,” the release reads.
The program is otherwise exactly the same, allowing buyers to make cash offers without selling their current homes first.
Cash buyers typically pay less for a home and outperform others in bidding wars. NAF also says sellers in today’s market may be more willing to make concessions for cash buyers.
“We’ve seen the tremendous impact that becoming a cash buyer…
For the first time since at least 2008, independent mortgage banks and mortgage subsidiaries of chartered banks lost money every time they originated a loan.
The Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report found that IMBs lost an average of $301 on each loan in 2022. This puts production profits down 15% YOY, a series low.
The decrease was driven by low loan origination volume coupled with skyrocketing expenses. Volume was down 20% YOY. At the same time, loan balances increased by 5%, the largest single-year increase in the data’s history, resulting in higher production costs.
“The stellar profits of the previous two years dissipated because of the confluence of declining volume, lower revenues, and higher costs per loan,”…
