By KIMBERLEY HAAS
The CEO of a workflow automation company says she is trying to help the mortgage industry modernize by making it easy for servicers to adopt technology they can manage from the front end.
Jane Mason is the founder of Clarifire in St. Petersburg, Florida. The company uses a Software-as-a-Service model to reduce manual processes and increase efficiencies.
Mason said in a recent interview with The Mortgage Note that there has been a seismic shift in the industry over the course of the last four years to accommodate the needs of borrowers but now that the Covid pandemic is over, market conditions point to the rising potential for mortgage delinquencies and defaults, leading to an increase in volume…
Housing finance veteran Katie Such has been promoted to head of Affordable Housing at Regions Bank as Rob Chiles is set to retire.
Chiles has been with Regions for 15 years and in the financial services industry for 35 years. Under his leadership, Regions facilitated $7.7 billion in affordable housing investments, according to a press release.
“Providing financial services that, in turn, enable new affordable housing developments truly represents one of the most powerful ways Regions can benefit clients and communities. Throughout his time with Regions, Rob has championed superior service while fulfilling our mission to make life better,” Mike Smith, head of Real Estate Banking for Regions, said.
Such has been with Regions Affordable Housing since 2016, when she…
Commercial real estate juggernaut Meridian Capital Group named former regulator Brian Brooks as its Chairman and CEO.
Brooks takes the reigns from co-founder Ralph Herzka, who will remain with the company as Senior Chairman. The change-over will take place in April.
Herzka helped found Meridian in 1991 and steered it to the forefront of commercial mortgage origination.
“As we look to institutionalize Meridian as a world-class company and further diversify our revenues, there is no better steward of our future than Brian. He is an outstanding and recognized leader in financial services, and I am excited to work with him to build on our firm’s foundation of unparalleled experience and market intelligence,” Herzka said in a press release.
Brooks is…
Atlanta-based Citizens Trust Bank announced a new down payment assistance program for borrowers purchasing affordable homes.
The grant offers up to $2,000 to eligible buyers looking to purchase affordable housing.
Citizens says its goal is to help more Americans reach their homebuying dream, considering that saving for a down payment in a high inflation, high home price environment is a huge hurdle.
“For those who have been held back by the upfront costs associated with homeownership, down payment assistance, especially toward closing costs can help to lower the barrier to entry and make the dream of owning a home a reality,” said Citizens Trust Bank Residential Mortgage Operations Manager, Yulanda Munford.
A majority of first-time buyers are making a down…
By KIMBERLEY HAAS
The CEO of a real estate technology company that helps homeowners buy a new house before they sell theirs says an equity crowdfunding campaign they launched last month has been well received.
Sean Black, who co-founded Knock with Jamie Glenn and Karan Sakhuja in 2015, said during a recent interview with The Mortgage Note that the timing seems to be right for this venture.
Black and Glenn were on the founding team at Trulia, which went public on the NYSE and was acquired by Zillow in 2014 as part of a $3.5 billion stock-for-stock transaction. Back then, individuals couldn’t invest in these companies until they went public.
“Crowdfunding regulation has matured quite a bit in the last…
Tim Birkmeier, Rocket Mortgage president, is retiring from the company and the industry altogether.
After nearly three decades with Rocket, Birkmeier announced his leaving in a LinkedIn post.
“As I move on to the next chapter in my life, I hope to have proven to those at RKT what can be accomplished when you are willing to sacrifice for the greater good, consciously make professional improvements, and be consistent in your actions to get great results,” he wrote.
Birkmeier thanked Dan Gilbert, Bill Emerson, and Jay Farner, saying they allowed him to have a strong leadership voice in the company.
“I will always have a deep respect for our unique and good company culture that has been formed through the…
Matt Kingsborough has joined Planet Home Lending as Regional Sales Manager, the company announced in a press release.
Kingsborough brings more than twenty years of industry experience to the position. He will oversee Planet’s expansion in the Western U.S.
Kingsborough said he emphasizes personal and professional development among employees, focusing on work-life balance to encourage growth and success in the lending business.
“I’m here to build on our presence in the West by fostering an environment where mortgage loan originators and branch managers can truly thrive,” he commented.
Prior to Planet, Kingsborough served as National Sales Director for Soar Energy Solutions, a solar provider, where he developed his leadership skills working with high-volume teams.
His past mortgage experience includes Northern…
By KIMBERLEY HAAS
The CEO of Land Gorilla says advancements in technology are creating opportunities for more profitable construction lending.
Sean Faries said since the California-based technology service provider for banks, credit unions, and mortgage bankers started in 2010, there has been a move from spreadsheets to digitization.
Land Gorilla is now taking things a step further, allowing lenders to build their own workflows with automation to complement them.
“We are creating efficiencies for the financial institution that’s utilizing the software, where they’re able to reduce headcount or they’re able to improve processing times at such a magnificent return that the software far pays for itself,” Faries said.
Faries said that they use machine learning combined with “a lot of…
Ally Home and HouseCanary are offering a $5,000 grant to homebuyers in three major metros.
The grant can be used for a down payment, closing costs, or other expenses that arise during the homebuying process.
Buyers within select markets in Charlotte, Detroit, and Philadelphia are eligible, though Ally may expand the program in the future. Eligible buyers must have an income less than or equal to 100% of the area median income and be purchasing a primary residence.
Grantees can combine this award with other offerings like the Fannie Mae HomeReady Mortgage program, which lets buyers put as little as 3% down.
As part of the rollout, HouseCanary, Ally’s portal partner since last year, now identifies grant-eligible properties in the…
Earnings for the fourth quarter of 2023 are out, offering a view into how lenders did in the colder months and the year overall. Here’s a snapshot of how some of the nation’s top lenders handled last winter.
Rocket Mortgage
Rocket reported depressed earnings, with losses of $233 million quarter-over-quarter and a full-year net loss of $390 million. Its adjusted revenue was $885 million and registered an adjusted net loss of $6 million.
Originations totaled $17 billion in Q4. Its gain on sales margin clocked in at 2.63%.
“I’m so confident about our future and the collective impact we will make as a team, and the best part is that our journey is just beginning,” Varun Krishna, CEO and director…
