Innovations In Lending: One-On-One With Knock CEO Sean Black

The FinTech company Knock is partnering with lenders and real estate agents to offer homeowners a chance to leverage the equity in their property so they can buy another house before selling their current one. Based on the amount of equity in their property, a homeowner can use a Knock Home Swap Equity Advance loan for an up to 30% down payment, to buy down the mortgage rate, and to cover closing costs on their new house. They can also use that equity to cover up to $35,000 in renovations and to pay up to six months of mortgage payments on their current property, according to a press release. Knock was founded by CEO Sean Black, COO Jamie Glenn, and…

Sun West Mortgage Releases MORGAN, A Real Estate AI Personal Assistant

Is the real estate industry ready for artificial intelligence? Sun West Mortgage is betting yes. Paval Agarwal, CEO of both Sun West Mortgage and its affiliate Celligence, has created a 24/7 personal assistant A.I. platform called MORGAN, and he’s ready to teach the world how to use it. MORGAN is designed to automate certain tasks for real estate professionals, primarily in lead follow-up and marketing. Borrowers can apply for a loan through MORGAN, which analyzes their loan documents immediately to calculate their options. Potential clients will receive automatic follow-up emails and calls four days after contacting a realtor, according to information provided by company leaders. On the marketing side, MORGAN can create listings in minutes, with realtors needing only to…

Lapin Promoted To President As FormFree Shifts Gears

FormFree is entering a new era, having strategically divested itself of asset-verification service AccountChek and naming a new president. Eric Lapin, who joined FormFree in 2022 as chief strategy officer, was promoted to president, the company announced. “FormFree is proud to have pioneered the mortgage industry’s first asset verification service, and that revolutionary spirit will propel the next phase of our growth,” said Lapin.  “Moving forward with a laser focus on the future will allow FormFree to innovate with the agility of a startup while benefitting from all the experience and wisdom we have accumulated over nearly two decades in business.” Lapin said the company will now focus more on future innovators like blockchain and decentralized Web3 technologies. FormFree already…

PrimeLending Offers Home Security To Borrowers

Mortgage lenders are trying all kinds of promotions to attract new borrowers, from rate buydowns to downpayment assistance. But PrimeLending is offering something unique: home security. PrimeLending, a national mortgage lender, and SimpliSafe, a home security systems company, have announced a partnership to provide homebuyers with preventative smart home protection. “Buying a home is an exciting new beginning and an important milestone we’re thrilled to celebrate by offering this special gift,” said Cheryl Hayes, Senior Vice President of Marketing for PrimeLending.  “We take pride in delivering our customers the confidence and peace of mind that comes from knowing they’ve made the right financial decision, and the SimpliSafe home security system is a great compliment.” The Lender will provide borrowers with…

Better Launches “Equity Unlocker” For Amazon Employees

Better.com has launched a new product for employees with vested equity in their companies. The program, Equity Unlocker, is designed for potential buyers who work and have vested equity they cannot access. It is currently just available for Amazon employees in Florida, New York, and Washington state, but Better is planning to extend it to 26 more states in Q2 2023. Equity Unlockers allows these buyers to finance their homes without selling their shares. Instead, they can pledge their shares rather than sell them in order to afford a home. Amazon shares will be valued at the same time as a home appraisal. The rate and term will then be locked on Better.com. It is non-mark-to-market and non-recourse, so the…

First Home Mortgage Appoints Matt Nader To SVP, Director Of Sales

Matt Nader has been promoted to Senior Vice President, Director of Sales at First Home Mortgage, leaders at the lender announced in a press release. Nader joins the executive team after five years as a loan originator and branch manager, being named the company’s top originator for the last four years. “The last five years of originating at First Home Mortgage have been the greatest chapter of my career,” Nadar said. “I am looking forward to this new opportunity, and I can’t wait to dig in deeper with our sales force and marketing team to further build our origination business, open new relationships, and continue to be the best retail mortgage provider in the U.S.” Nader brings nearly two decades…

AmNet On The Hunt For LOs, Processors In Key Areas

American Mortgage Network is on the hunt for loan officers and processors in key U.S. geographic areas. The mortgage banker has hired three new recruiting executives– TraVaughn Paschal, George DeMare, and Rick Humphery– to lead the initiative. “With so many mortgage lenders forced to adjust their workforces or shut down completely, many talented loan officers and processors are out of work. These professionals are excited by the challenge and opportunity of joining an employee-owned company that is expanding its footprint throughout the United States,” noted AmNet President and CEO Joseph S. Restivo. The announcement comes on the heels of another major mortgage banker layoff at Wells Fargo. Hundreds of employees were affected, including some top originators who had just returned…

LenderLogix Launches New POS System for Midsized Lenders

Mortgage tech company LenderLogix is launching LiteSpeed, a point-of-sale system designed for mid-sized lenders.  Leaders at the company say LiteSpeed addresses the needs of smaller lenders by offering essential POS functionality at a low cost. Larger systems require significant investment in implementation and upkeep that most brokerages cannot afford. They function as a “second loan origination system in disguise,” according to LenderLogix Founder and CEO Patrick O’Brien. “We knew there had to be a better, more efficient, and certainly more cost-effective way to manage the loan application process, so we created LiteSpeed to deliver pragmatic POS functionality at a price point that makes sense for the average mortgage lender,” O’Brien said. LiteSpeed is a white-label platform that helps borrowers through…

loanDepot Moves All Servicing In-House

loanDepot has migrated all of its mortgage loans into its in-house servicing platform. The company began moving all loans from its third-party sub-servicer in early 2021, and updated its servicing portal to better serve mortgagees later that year. In January 2022, it successfully moved all FHA, VA, and USDA-funded Ginnie Mae loans into the new servicing system. “Bringing this two-year effort to the finish line is a true testament to loanDepot’s ongoing investment in our in-house servicing capabilities and, in turn, our customers,” said LDI Managing Director of Operations and Servicing Dan Binowitz. “Providing best-in-class customer service is our top priority and owning the entire customer journey enables us to build loyalty by providing the most hassle-free and streamlined service…

Intero Names New President And CEO

Berkshire Hathaway affiliate Intero has named Scott Chase president of the company and Terry Meyer as COO, according to a press release. Chase, who formerly served as COO, joined Intero in November 2018. As president, he will continue managing the Los Altos and Menlo Park offices, while focusing on increasing revenue and agent differentiation. He will also work on Acquisitions, Tuck-Ins, and Franchising. He reports directly to CEO Brian Crane. “When agents come to Intero, they come to learn from the best in the business,” said Chase. “Intero as a whole, leverages collaboration, creativity and years of experience to establish a unique culture of specialized education and agent expertise that cannot be found anywhere else.” Meyer helped co-found Intero in…