BOA Introduces No Down Payment, Closing Cost Mortgage Solution For First-Timers

Bank of America is introducing a zero down payment, zero closing cost mortgage solution for first-time buyers geared towards underserved communities. The Community Affordable Loan Solution will roll out in designated markets, including certain Black and Hispanic/Latino neighborhoods in Charlotte, Dallas, Detroit, LA, and Miami. It is a Special Purpose Credit Program that operates off of factors like timely rent, utility bill, phone, and car payments. It does not require mortgage insurance and a minimum credit score. Eligibility is based on income and home location. Prospective buyers have to complete a homebuyer certification course from approved counseling partners prior to application. The program is in addition to BoA’s existing Community Homeownership Commitment program, which aims to help 60,000 individuals and…

Tim Carroll Joins HomeGuide Mortgage As Venture President

Industry veteran Tim Carroll has been named new Venture President at HomeGuide Mortgage, the company announced in a press release. HomeGuide Mortgage is a joint venture between CMG Financial and RE/MAX Gold Nation. Carroll brings more than two decades of experience to the company, including roles in branch, sales, and area sales management.  Most recently he served as Regional Manager in CMG Financial’s Western Division. In his new position, Carroll will be responsible for recruiting and supporting loan officers, as well as working with partners at RE/MAX Gold to ensure LOs are meeting real estate agents’ needs. “Recruiting is the single most important task for me currently,” Carroll said.  “The greatest impact and influence I can have on the company…

New LendArch COO Says They Can Help Mortgage Firms Improve The Loan Origination Process 

By KIMBERLEY HAAS The new executive vice president and chief operating officer at LendArch says they can enable lenders to optimize the mortgage experience from start to finish by digitalizing the real estate financing process. Karthik Kumar has 25 years of experience in the industry. He worked for Tata Consultancy Services from 2004 to May of this year. Citigroup and Standard Chartered Bank are among his previous employers, according to a press release. Kumar shared his excitement about the new position during a recent interview with The Mortgage Note. “I am in a company that is capital adequate, that has given me all of the empowerment to create, to experiment, in a way, to transform, to disrupt, so I am…

Ian Ouwerkerk Officially Named Freddie Mac Underwriting SVP

Ian Ouwerkerk has been named Freddie Mac Multifamily’s SVP of Underwriting and Credit, the GSE announced in a press release. He has served as interim SVP since Q1 2022. Ouwerkerk joined Freddie Mac in 2008. He previously served as VP of Multifamily underwriting and senior director of underwriting for the Southeastern region.  As VP of Underwriting and Credit, he focuses on ensuring the quality of Multifamily loans. He also oversees large regional pool transactions and balances credit risk management and solutions for sponsors and lenders. Prior to joining the GSE, Ouwerkerk worked as a commercial real estate broker. He has a Bachelor of Business Administration from Acadia University. “Ian is a strong leader with a proven track record implementing strategic,…

Suzy Lindblom Appointed Arc Home COO

Non-QM lender Arc Home LLC has appointed Suzy Lindblom as Chief Operating Officer, the company announced in a press release. “Arc Home is well-positioned for steady growth through innovative proprietary products and technology, and I’m thrilled to have been chosen to be the Chief Operating Officer. My goal is to create a seamless customer-focused experience for our clients and homebuyers throughout the entire mortgage loan process,” Lindblom said. Lindblom is an industry veteran with a strong past history of leadership. Prior to Arc Home, she served as COO for First Guaranty Mortgage, and has held the same position at Planet Home Lending. She has also served as Managing Director of Operations at Stearns Lending. She has earned many industry awards,…

Rate Drop Advantage Program Launched By Rocket Mortgage

By TYRONE TOWNSEND Leaders at Rocket Mortgage have launched a new program that will cover a sizable portion of closing costs for a refinance transaction if interest rates drop and their customer refinances within three years of purchasing a home.  Applicants with credit scores as low as 580 will be considered, in contrast to other mortgage lenders who need a minimum of 620. Leaders at the company say this offers a choice for potential homebuyers with bad credit.  John Perich, Director of Public Relations of Rocket Central, spoke with the Mortgage Note about the Rate Drop Advantage.   “People might want to buy a house, and if you want to buy a house now, go ahead and get it,” Perich said.…

Bank Of America Helps Launch Pilot Programs To Prepare Students For Cybersecurity Careers

By ISAIAS PACHECO Leaders at Bank of America announced this week that they have partnered with Liberty Science Center’s SciTech Scity to launch a pilot program that promises to improve the future of high school education. Two New Jersey high schools, James J. Ferris High School in Jersey City and Memorial High School in West New York, have been chosen for the program. It is focused on providing students with the skills and training needed to prepare them for what has been termed the “new collar” jobs in emerging technology fields. In the past two years, a series of massive cyberattacks has exposed the sensitive personal data of millions of Americans. It has cost the federal government, Fortune 500 corporations,…

Dallas Vit Named CIO Of Fay Servicing

Fay Servicing has named Dallas Vit Chief Information Officer, the company announced in a press release.  “It’s exciting to join a firm with a solid foundation and such diversity in their business model. This team has a great reputation in the servicing business and their ancillary companies give us great opportunities,” Vit said. Vit brings fifteen years of experience to the position. He will lead the company’s technology team, working on application development, technology infrastructure, information security, and data management. Prior to Fay, he most recently served as CIO for Roosevelt Management Company, an investment firm. He earned both his MBA and BA in Management Information Systems from The University of Northern Iowa. “Dallas brings with him a progressive track…

Bank Of America Working To Improve The Health Of Children

By KIMBERLEY HAAS Bank of America has granted the Children’s Hospital of Philadelphia’s Center for Health Equity $1 million to launch a program that promises to improve children’s overall health in West Philadelphia. Tyra Bryant-Stephens, MD, Chief Health Equity Officer of the Center for Health Equity and Medical Director of the Community Asthma Prevention Program at Children’s Hospital of Philadelphia, talked in an interview with The Mortgage Note about how residential segregation and economic inequality have left some neighborhoods so run down they are unhealthy for children to grow up in. In West and Southwest Philadelphia, more than one-third of children live below the poverty line, according to a press release. “Because of systematic practices there have been homes that…

Katharine Loveland Named Volly CEO

Volly, a dynamic tech and marketing services provider for banks and mortgage companies, has appointed Katharine Loveland as CEO. “I am thrilled to be joining the Volly team,” said Loveland. “I look forward to scaling Volly’s business by bolstering our customers’ ability to thrive in this volatile mortgage market through the use of Volly’s comprehensive technology suite of products and services.” Volly, a portfolio company of New Capital Partners, provides digital engagement platforms, lending technology, and marketing services to facilitate the lending process for borrowers and loan officers.  Loveland will succeed Jerry Halbrook, who is transitioning to Executive Chairman. “We are delighted to welcome Kat to the CEO role for its next phase of growth,” Halbrook said. Loveland brings fifteen…