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…
Small and mid-size mortgage lenders can now access Mobility Market Intelligence’s platform, the company announced.
MMI previously focused on enterprise accounts, but the company is now opening up to individual and SMB spaces.
“For several years now, small and mid-sized lenders with just a handful of LOs have expressed interest in MMI but haven’t met the threshold required of an enterprise client. This new channel will give smaller organizations access to the MMI platform’s powerful insights,” said MMI Vice President of Enterprise Sales Melissa Sike.
“We’re delighted to provide this option and look forward to witnessing the success smaller lenders find through this offering.”
Brokers and lenders with fewer than 10 loan officers can use the SMB channel, accessing the…
Rene Gonzales has been promoted to Chief Technology Officer at Cenlar FSB, the company announced in a press release.
Cenlar FSB is headquartered in New Jersey and services loans nationally. It is an employee-owned company with about 3,000 workers.
“I look forward to being the CTO and continuing our efforts to deploy innovative technology that demonstrates value to the company and our clients and their homeowners,” Gonzales said.
Gonzales brings a strong background in IT to the position. His previous experience includes leadership roles at PHH Mortgage, Altisource, Ocwen Financial, and Ally Financial. He joined Cenlar FSB in 2018.
As CTO, Gonzales will provide strategic tech leadership to Cenlar’s business units, partnering with leaders to leverage technology to generate value.…
Leaders at Rocket Companies have debuted a credit card with cashback rewards designed for homebuyers.
The Rocket Visa Signature Card is the first credit card with rewards created for this purpose, Rocket leaders said in a press release.
“Every day, consumers tap their credit card to refill their gas tank, stock up on groceries or pay for any number of other purchases. Now, those transactions can unlock the dream of homeownership for millions of consumers across the country,” said Haroon Mokhtarzada, co-founder and CEO of Rocket Money.
“We are proud to offer Americans simple and achievable ways to invest in their financial freedom, whether it’s budgeting with Rocket Money, or redeeming credit card points toward their mortgage down payment or…
By KIMBERLEY HAAS
Leaders at First Citizens Bank and Trust Company have entered into an agreement to acquire Silicon Valley Bridge Bank.
Silicon Valley Bridge Bank was created by officials at the Federal Deposit Insurance Corporation on March 13 after the collapse of Silicon Valley Bank. All deposits, insured and uninsured, substantially all assets, and all qualified financial contracts of Silicon Valley Bank were transferred to the bridge bank.
According to a press release, through an agreement with officials at the FDIC, First Citizens will assume Silicon Valley Bridge Bank’s assets of $110 billion, deposits of $56 billion, and loans of $72 billion.
“Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets…
