Fintech LenderClose announced it is rebranding as Coviance, the company announced in a press release. The rebrand “reflects the company’s next phase of growth” as a transformative technology partner that allows lenders to efficiently scale home equity volume and close in a matter of hours. “The evolution of our technology has advanced us into a new era on our mission to perfect the lending experience,” says Omar Jordan, Founder & CEO of Coviance. “Our technology empowers Credit Unions and Community Banks to compete with fintechs, delivering the best borrower experience with a more humanized touch.” Coviance was founded in 2015 by Omar Jordan with the goal of offering community lenders a user-friendly tech solution to lend more efficiently, faster, and at…
Reggora updated its order management platform to embed borrower’s appraisal information into a lender’s POS system, the company announced in a press release. The update improves borrowers’ experience by resolving common issues in the appraisal process. Lenders can collect payments, show appraisal status, and schedule inspections within their POS system. Reggora says the update reduces IT resources required to implement and maintain the integration with a developer-friendly API. “The appraisal is a critical part of the loan process, but, despite all the progress towards a digital mortgage, the appraisal is still done entirely offline,” said Will Denslow, Co-Founder and CTO of Reggora. “There’s a tremendous opportunity for lenders to differentiate by fixing the appraisal experience, and this integration makes it…
Wells Fargo is reducing its home lending footprint, a move that experts say will have major ramifications in the mortgage industry. Formerly the nation’s largest mortgage lender, the bank announced Tuesday that it is exiting the correspondent lending channel and shrinking its mortgage servicing portfolio. “We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus,” Kleber Santos, CEO of Consumer Lending, said in a statement. The company’s correspondent arm accounted for 42% of its loan originations in Q3 2022. Demand is down across the country due to affordability issues and high mortgage rates. Lenders are seeing originations shrink, resulting in closures and layoffs. Wells Fargo has suffered the…
Kelly Zitlow is rejoining Cornerstone Home Lending (CHL) as its EVP of Sales and Engagement, the company announced in a press release. “I could not be more excited to be back ‘home’ with Cornerstone Home Lending,” she said. “During a time when many mortgage companies are struggling, Cornerstone Home Lending continues to be a standout leader in the industry, providing strength and stability in the market by expanding product/service offerings and carefully considering the needs of its clients.” Zitlow worked for CHL as a Certified Mortgage Planning Specialist for just over three years, starting in 2017. During this time, she was a nationally-recognized originator who ranked among the country’s top producers. In early 2022, however, she left the company to…
Leaders at St. Mary’s Bank have announced that Ken Senus has been named president and CEO. Senus takes over for Ron Covey, who retired at the end of 2022. Prior to being promoted, Senus was the company’s executive vice president and chief operating officer. He said he is honored to continue to build on the foundation Covey helped establish during his 14 years of service. “I look forward to continuing to leverage technology and innovation to enhance our member and employee experiences while embracing the credit union philosophy to give back to the community that Ron exemplified for years,” Senus said. St. Mary’s Bank has 11 branch locations in New Hampshire and is known as the nation’s first credit union.…
Leaders at Blue Ridge Bank have announced that Kirsten Muetzel is their new president of the Fintech Division of the company. Muetzel brings over a decade of experience working with the Federal Reserve system, including supervising banks involved in BaaS and related partnerships. Additional experience includes being a Chief Financial Officer and Chief Risk Officer for fintech companies. Muetzel will be responsible for overseeing the Fintech Division, managing a portfolio of partners, strengthening regulatory compliance, and working to advance Blue Ridge’s fintech strategy. Muetzel said in a statement that there continue to be significant opportunities for banks to develop relationships with fintech firms and create new revenue streams while in turn enhancing products and services to existing customers. “Community banks are uniquely…
By KIMBERLEY HAAS Leaders in the industry are committed to giving back during the holiday season and throughout the year. It was announced earlier this month that Down Payment Resource in Atlanta, Ga., will help a family in Memphis, Tenn., attain their homeownership dreams by donating $10,000 to the Homeownership Council of America’s Equity Down Payment Assistance program. They provide down payment and closing cost assistance for low-to-moderate income and minority first-time homebuyers. Leaders at Down Payment Resource say that is “a mission that aligns with our company’s founding goal of expanding affordable homeownership program awareness, understanding, and participation.” Rob Chrane, founder and CEO of Down Payment Resource, said in a statement for The Mortgage Note that they are supporting the program because…
Union Home Mortgage will acquire Amerifirst Home Mortgage, the company announced in a press release. The acquisition will allow UHM to expand in key markets, leaders at UHM said. Amerifirst is based in Kalamazoo, MI, and operates across the country with a special focus on Florida, Michigan, Ohio, North Carolina, and California. Both Amerifirst and UHM are leaders in USDA lending. Amerifirst originated $2.8 billion in loans in 2021 and is ranked the number one lender in Michigan. “We founded this company to make a meaningful difference in the lives of customers, team members, and our communities. This partnership gives us the scale and ability to make an impact like never before,” said co-founders Mark Jones and David Gahm. The…
Another Motto Mortgage office has opened in Wheeling, WV, the company announced in a press release. Motto Mortgage Valor will now serve markets through West Virginia and Ohio, owned and operated by Michael Hough and Travis Broadwater. They bring a combined twenty years of experience to the office. Razmine Rouse will serve as operations manager and an originator at the new location. Hough will also originate loans. “Motto Mortgage Valor offers an advantageous alternative to the traditional mortgage bankers currently operating in the Ohio Valley,” Hough said. “We provide the scope, scale, and support of a large retail lender while offering the flexibility, autonomy, and exceptional service of a local mortgage broker that knows how to navigate the intricacies of…
Guild Mortgage is rolling out a new rate buydown program, the company announced in a press release. The program, Payment Advantage, applies to any borrower locking in a conventional mortgage. Guild will then pay 1% of the borrower’s interest rate for one year. The borrower’s monthly payment will increase after that period, but they may then be eligible to refinance. The program is available until March 31, 2023. “Freddie Mac reported that the average commitment interest rate for a 30-year, conventional, fixed-rate mortgage was 6.90% in October, more than double the rate of 2.96% across all of 2021,” said Guild CEO Mary Ann McGarry. “With the rising costs of loans in today’s increasingly competitive housing market, we want to continue…
