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…
Marketing veteran Sara Holtz has joined Optimal Blue as its Chief Marketing Officer, the company announced in a press release.
Holtz brings more than two decades of experience to the position, including ten years specifically impacting the mortgage industry.
In her new role, she will spearhead marketing and communications strategies to advance Optimal Blue’s industry influence.
“As the only comprehensive capital markets solution in the mortgage industry, Optimal Blue helps lenders realize greater profitability and operational efficiency, which plays an essential role in making the dream of homeownership attainable for the American borrower,” said Holtz.
“It’s an honor to join Optimal Blue – a company that’s been regarded for its innovation and expertise for decades. I am energized by the…
POS provider Floify introduced a sidekick to its popular platform that includes a flexible per-loan pricing option.
Lender Edition, the newly badged version of Floify’s POS, is a counterpart to Broker Edition, the one-stop lending platform it introduced last December.
The product still offers the most popular features among Floify users, including an intuitive interface for borrowers and lenders, automated document management workflows, free native eSign functionality, verification of income and employment waterfall functionality, and loan progress transparency.
Lenders can now take advantage of these features without breaking the bank.
“While some vendors are squeezing lenders on pricing during market hardship, Floify is committed to being a supportive partner by being flexible on pricing without compromising access to product features…
Wholesale and correspondent lender Click n’ Close launched a new mortgage product designed for homebuyers in rural America.
One-Time Close is a loan program for government-insured mortgage products that offers down payment assistance to buyers in select rural markets.
Borrowers can get 100% loan-to-value financing covering land, construction, and closing costs with no payment or minimum investment required. They can also finance the 1% USDA Guarantree Fee up to 101% LTV.
“Given current market conditions, affordability is the number one challenge among potential homebuyers,” said Click n’ Close Owner and CEO Jeff Bode.
“As prospective borrowers venture further out from cities and traditional suburban markets, Click n’ Close stands as a resource, providing powerful financing tools for both wholesale lenders…
Mark Tribuna has been named Chief Operations Officer at Arrive Home, the company announced in a press release.
In his new position, Tribuna will take charge of operations and oversee the company’s growth as it expands homeownership access to underserved borrowers.
He previously served as Chairman and CEO of Nation One Mortgage Company. His other experience includes executive-level positions at EquiShare Alliance, NAF, Southwest Funding, and CBC Mortgage Agency, among others.
“We are excited to welcome Mark to the Arrive Home team,” said Arrive Home President Tai Christensen. “His expertise in mortgage operations and financial management will be critical in assisting us as we make massive strides toward solidifying our position as a leader in affordable housing solutions.”
Arrive Home…
By KIMBERLEY HAAS
The president of Cornerstone Servicing says they are prepared for both ups and downs in 2024.
Toby Wells said in a recent interview with The Mortgage Note that although industry leaders hope for improvements after a tough year in 2023, people are worried about how much financial pressure American homeowners are under.
Inflation, the rising costs associated with ownership, as well as increases in taxes and insurance are at play.
“All of that kind of resonates in the potential for higher delinquencies and defaults leading into the latter part of ‘24. There’s concern about how to manage that,” Wells said.
Although there has been historically low foreclosure activity in recent years, lenders started the process on 22,575…
Snapdocs and Fairway Independent Mortgage Corporation recently completed the largest eNote migration in mortgage history.
The migration was done as part of Fairway’s integration of Snapdocs’ eVault. Fairway is a leader in eClosing and operates hundreds of branches across the U.S.
The company has eClosed more than 100,000 transactions in the last five years and leads in delivery volume to Fannie Mae and Freddie Mac, alongside MERS registrations.
Teri Pansing, SVP of Corporate Closing for Fairway, said Snapdocs stood out for its ability to deliver a seamless digital closing experience for borrowers.
“The branches know their customers and their circumstances best. We want them to have trust in the process, the platform, and the support to know that eClose is…
The CEO of Dark Matter Technologies says they remain focused on streamlining processes for their clients as they work to revolutionize the mortgage industry.
Leaders at the company, formerly Black Knight Origination Technologies, announced in September that they had rebranded after being acquired by the Perseus Operating Group of Constellation Software.
Since that time, they have announced a collaboration with Argyle to simplify the income and employment verification process and an integration that allows lenders to instantly leverage income and employment information through Experian Verify.
They have also implemented an automated workflow in the Empower loan origination system that makes it easier for lenders to identify and qualify loan applicants who could benefit from an evaluation of their rent payment…
