Doug Timmerman Named Interim Ally Financial CEO

Doug Timmerman was named interim CEO of Ally Financial following the departure of Jeffrey J. Brown, the company announced in a press release. Brown announced he would step down in October after fourteen years with the company, nine as CEO. He set his final day as January 31, or an earlier date as determined by the Chair of the Board. Brown steered Ally toward mortgages and auto loans during his tenure, after the company rebranded from GMAC as part of General Motors. As part of that mortgage push, Ally’s home lending arm partnered with HouseCanary to incorporate its portal ComeHome into its website. “What began in 2009 as the financial reengineering of a company ultimately became a bank that truly…

With Changes To Home Lending Business, Wells Fargo Expects Profitability To Improve

By KIMBERLEY HAAS Wells Fargo released its fourth quarter 2023 financial results on Jan. 12 and leaders there say as they continue to streamline their home lending business profitability will improve. The company reported a net income of $3.4 billion, or $0.86 per diluted share. CEO Charlie Scharf said in his comments that the continued execution of their more focused home lending strategy should produce higher returns and earnings over the next several years. “As we look forward, our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident that the actions we are taking will drive stronger returns over the cycle,” he said. Scharf said their new credit card products have…

Rocket Pro TPO Announces AI-Powered Hotline For Brokers

By KIMBERLEY HAAS A hotline that will give brokers the ability to make changes to approval letters at any time was announced by leaders at Rocket Pro TPO this week, and it is powered by artificial intelligence. Executive Vice President Mike Fawaz unveiled the new technology during an Ignite: Live! session on Monday afternoon. He demonstrated that to use the new AI system, all brokers have to do is make a call to provide the loan number, client name, and financing request. If approved, the system will update the appropriate documents. “This is a win for you. This is a win for us to be able to deliver to the broker community something that you can use that gives you…

TransUnion Announces New Risk Management Tool

TransUnion released a new portfolio management tool to help lenders manage risk for home equity loans. TruVision Consumer Property Insights for Portfolio Management was designed to calculate property value fluctuations as more homeowners tap into their accrued equity. The product offers new insights such as combined-loan-to-value. It links property lien data with the corresponding tradeline, allowing lenders to see the actual value for the amount owed on the property, not an estimate. It also provides data about up to five properties owned by a borrower, offering a more complete view of their overall financial health and any potential risk indicators. “Both macro and microeconomic conditions and fluctuations can dramatically impact the value of a property, putting mortgage and home equity…

Tai Christensen Named Chair Of California MBA DE&I Committee

Arrive Home’s president has been named chair of the California Mortgage Bankers Association’s Diversity, Equity & Inclusion Committee. Tai Christensen will share the role with the current vice-chair of the committee, Stephanie Whittenberg. The two will work to promote diversity and inclusion in the mortgage lending world. This has been a priority for the group since it first launched its DE&I Committee in 2021. “I am excited to continue to assist the CMBA’s efforts to promote diversity in the mortgage industry,” Christensen said. “As someone who has dedicated much of their career to helping bridge the homeownership gap in underserved communities, I am eager to initiate more conversations about how industry leaders can effectuate this much-needed change and help advance…

Jeff Fonda Joins Nymbus As CFO

Jeff Fonda is joining financial tech solutions company Nymbus as its new Chief Financial Officer. Fonda brings a deep well of experience to the position, having expertise in fintech, SaaS, and executive-level leadership.  His experience includes VP of Finance at Mortgage Cadence, a cloud-based digital lending platform. He also spent many years in leadership positions for financial planning and analysis across several companies. Prior to Nymbus, Fonda served as CFO of DotCom Therapy, a telehealth therapy company. “Jeff’s proven track record in financial leadership at high-growth companies aligns perfectly with our mission. His expertise will be instrumental as we expand our partnerships with banks and credit unions, providing them with accessible solutions to move beyond the constraints of traditional banking…

CrossCountry Adopts FICO 10 T For Non-QM, MBS

CrossCountry Mortgage has adopted FICO Score 10 T for non-QM loans and securities. The goal of using FICO 10 T is to expand the number of people eligible for mortgages based on their credit scores. FICO says its new model can increase mortgage approval rates by up to 5% without additional risk, as well as reduce delinquencies by 17% for many consumers. “CrossCountry Mortgage’s astute decision to adopt FICO Score 10 T demonstrates its commitment to innovation, credit access, and responsible business growth,” Julie May, vice president and general manager of Scores at FICO, said. “By leveraging FICO’s most predictive credit scoring model, CCM is at the forefront of meeting the needs of today’s borrowers and investors.” CCM is the…

Clever Acquires Gravy Technologies

Clever Real Estate has acquired Gravy Technologies, a startup that promotes homebuying and financial literacy. Launched in 2021, Gravy created the first loyalty rewards platform for first-time homebuyers moving towards financial freedom. The mobile app gives users access to an FDIC-insured high-yield down payment account, a mortgage credit score hub, and homebuying coaches. “The Gravy app is designed to be both the first step toward homeownership and each step thereafter. Save for a down payment, build your mortgage credit score, learn about the process, and ultimately find and finance your new house – all in one place,” Gravy co-founder and CEO Jeff Dinter told Forbes last year. Gravy has since helped 30,000 people prepare for homeownership and earn $20 million…

Rocket Hires Former Airbnb Exec Jonathan Mildenhall As CMO

Rocket Companies named former Airbnb exec Jonathan Mildenhall as Chief Marketing Officer, the company announced in a press release. In this new position, Mildenhall will craft a marketing voice that unifies all businesses under Rocket Companies, keeping their branding in line. All marketing and communications teams will report directly to him. “The role Rocket plays in helping people achieve the American Dream through home ownership and financial freedom is massive and cannot be overstated,” he said. “I am honored to be given the opportunity to work with this talented team.” Mildenhall brings more than three decades of experience to the position. He is a co-founder of leading branding and marketing consultancy, TwentyFirstCenturyBrand. The company has worked with game-changing companies such…

Rocket CEO Joins Board Of Directors

Rocket Companies expanded its Board of Directors to include CEO Varun Krishna. Krishna became the eighth member of the board effective December 21. His term is scheduled to end at the company’s annual meeting in 2026. Regulatory filings showed that Krishna will not be paid additionally for his new role. His earning potential as CEO is up to $20 million, factoring in base salary, bonuses, stock, and options awards. Board members who are not part of Rocket typically receive a retainer fee of $50,000, $3,000 per board meeting attended, and stock options. “We are thrilled to welcome Varun to the Board of Directors. With more than 20 years of experience in the fintech space, Varun brings with him a wealth…