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,”…
First Home Mortgage announced the appointment of industry vet Michael Parsons as branch manager of their new office in Gaithersburg, Maryland.
First Home Mortgage is a full-service residential lender operating in 21 states, focusing on first-time borrowers, with more than 40% of its originations being new homeowners in 2022.
Last year the company launched a reduced-rate program geared toward new borrowers.
Parsons brings with him over 20 years of experience in the mortgage industry. As Branch Manager, Parsons will oversee the daily operations of the Gaithersburg office, as well as manage a team of loan officers to ensure that clients receive the highest level of service and support throughout the entire home-buying process.
“I am thrilled to join the First…
CrossCountry Mortgage launched a new cost-saving program for first-time homebuyers.
The Freddie Mac BorrowSmart Access program provides borrowers in specific metros with up to $3,000 that can be put towards a down payment or closing costs.
“In today’s competitive market, first-time homebuyers face many obstacles including trying to save for a down payment,” said Jenn Stracensky, CCM Chief Operating Officer.
“BorrowSmart Access supports our mission of making every mortgage feel like a win by giving homebuyers extra purchasing power and putting homeownership within reach, especially in underrepresented communities.”
Borrowers in Atlanta, Chicago, Detroit, Houston, Philadelphia, and Miami, along with several other high-cost metros in the South, are eligible to receive aid. At least one borrower must be a first-time homebuyer,…
Moon Mortgage, a cryptocurrency lending platform, launched two new products: a new mortgage for crypto investors and a crypto loan margin account, Trade & Borrow.
Trade & Borrow allows investors to borrow against the value of their crypto while still being able to trade their assets after they’ve taken out a loan.
Loans can be taken out on one-, three-, and six-month terms, with the option to renew. There is no prepayment penalty and no origination fees.
“Against the backdrop of a very tough year for crypto investors, there is an obvious need to provide more options to help create material value — to ensure that investors can have as many options as possible, just as traditional retail investors have,”…
Rocket Mortgage and Rocket Homes announced a new credit for buyers who use the companies to buy a home.
The program, BUY+, gives borrowers who obtain purchase financing from Rocket Mortgage and find a home through a Rocket Homes Partner Real Estate Agent a credit equal to 1.5% of their loan amount – up to $10,000 – to put toward closing costs.
Additionally, a homebuyer working with an unaffiliated real estate professional who refers them to Rocket Mortgage can receive a 0.75% credit on their loan amount. This is also true for buyers opting for a Verified Approval.
Rocket says this buyer can save nearly $2,500 on their closing costs if they put 5% down on a $350,000 home.
“There…
Digital financial services company SoFi Technologies has acquired Wyndham Capital Mortgage, the company announced in a press release.
SoFi is a financial services company that offers a lending arm, as well as a financial technology stack.
SoFi’s acquisition includes both talent and technology, allowing the company to expand the mortgage products available to its members. By integrating Wyndham’s scalable digital mortgage platform, the company is taking on a “full stack” approach that allows it to rely less on third-party partners and processes, according to company leaders.
“At SoFi, we’re on a mission to help people get their money right, and purchasing a home is often one of, if not the, biggest financial decisions individuals make in their lives,” said Anthony…
Digital title and settlement company Endpoint promoted Shawna Hernandez to COO, a newly created position, the company announced.
“I’m honored to be named COO at Endpoint. We have such a talented and fantastic group of folks here at Endpoint, making it a joy to collaborate with great people and drive meaningful change in our industry,” she said.
Hernandez was promoted from SVP of Operations, a position she held since April 2022. In her new role, Hernandez will take lead on implementing the company’s digital closing solutions, as well as introducing strategies to optimize and scale operations.
Hernandez joined Endpoint in October 2020, bringing two decades of settlement industry experience to the company. She oversaw the development of the company’s proprietary…
