Former Newrez Exec James Hecht Named CEO, OneTrust Home Loans

Former Newrez exec James Hecht has been named the new CEO of OneTrust Home Loans, the company announced. Hecht brings more than three decades of mortgage industry experience to the role, where he will oversee multiple mortgage lending divisions. “I am honored to lead the lending and joint venture businesses within the OneTrust Family of Companies… The company has a strong, sophisticated foundation that is well beyond its current size and rivals some of the largest mortgage lenders in the country,” Hecht said. He previously served as Head of Production and Executive Vice President for National Retail Lending at Newrez (formerly Caliber Home Loans.) His other experience includes COO at Stearns Lending, and various leadership positions at Bank of America,…

Redesign Launched For LoanCare Website

Subservicer LoanCare has redesigned the website powered by its propriety software to be simpler and more consumer-focused. The new myloancare.com has been engineered for quick interactions and self-service options ideal for easy interaction with homeowners. The company’s ultimate goal is to simplify the user experience. “Our vision to make the mortgage journey straightforward for homeowners to navigate and lenders to manage continues to fuel our innovation,” said Dave Worrall, LoanCare president. “This proprietary mortgage management platform was built with analytical insight, authoritative market research, and client collaboration. It is the latest demonstration of LoanCare’s commitment to providing an exceptional digital experience for our clients and homeowners.” New features include easy communication with homeowners through their preferred method (text, email, or…

Rocket Homes Search App Now On Apple Vision Pro

Tech-minded buyers can tour homes in virtual reality on the Rocket Homes app, now available on Apple Vision Pro. The app features a home search page and map of nearby listings. The listings fill the user’s entire field of vision and give a realistic sense of the location and layout of the home, including a “Look Around” option that lets them see the neighborhood and exterior. Listings that include 3D tours allow potential buyers to tour inside as well, seeing each room in detail. “At Rocket Homes, we know there are millions of people who are waiting for the right moment to buy a home. We also know that there are many ways to find and fall in love with…

UWM Introduces Refi Discount Program

United Wholesale Mortgage is making a push for refinances as rates have moderated. Company leaders announced Refi 100 this week, a temporary program allowing its broker partners to offer discounts of 100 basis points for conventional rate-and-term refinances. The discount can be applied to new locks through March 29.  Loans originated by UWM must be at least 365 days from the previous note date to qualify, but no seasoning is required for non-UWM loans. The move comes at the beginning of what may be a good moment for refis, which saw a boost last week as rates moderated. They’re up by 2% and account for 34.2% of total mortgage applications, an increase. In 2023, three million mortgages were originated at…

AI Advocate Joins Rocket Board Of Directors

Rocket Companies has appointed an AI-oriented independent director to its Board of Directors, according to a press release. The new addition, Alex Rampell, is a general partner at Andreessen Horowitz who focuses on fintech investments. Described as a “serial entrepreneur,” he co-founded companies like Affirm, a leader in “buy-now-pay-later,” and TrialPay, a transactional advertising and payments company that was acquired by Visa in 2015. Rampell now promotes the responsible use of AI, which he says will bring about a new era of transformation and disruption in the financial services space. “When I heard [CEO Varun Krishna] speak about the AI tools Rocket is creating, and the massive amount of data at their fingertips, I was simply blown away,” said Rampell.…

Former ICE Leader Tony Fox Moves To Dark Matter

Mortgage tech veteran Tony Fox has been named Chief of Client Engagement at Dark Matter Technologies, company leaders announced in a press release. In his new role, Fox will direct Dark Matter’s account management and client success teams. He will report to Chief Revenue Officer Sean Dugan. “I am thrilled to join Dark Matter and continue to work with a tremendous team and clients that I’ve known for years,” Fox said. “At Dark Matter, we’re on a mission to improve the mortgage process and optimize the workflow for lenders and their customers. I’m proud and grateful to be part of this vision for the mortgage market, and I couldn’t have found a better fit to continue my commitment to this…

It’s Time To Make Deals: Nectar CEO Derrick Barker Sees Market Opportunities

By KIMBERLEY HAAS The co-founder and CEO of a platform that provides cash flow based financing to real estate entrepreneurs says there are opportunities arising for commercial property owners and managers. Derrick Barker said in a recent interview with The Mortgage Note that he predicts there will be a deleveraging throughout the nation in 2024, explaining that there were people who bought assets in 2021 and 2022 at the top of the market with aggressive assumptions in terms of occupancy, price appreciation, and rent growth. Many of the loans were for three years so with expectations not panning out, that is putting pressure on those commercial and rental real estate owners, Barker said. “A lot of these people are going…

Angel Oak Debuts HELOC For Self-Employed Borrowers

Non-QM leader Angel Oak Mortgage Solutions released a new HELOC for the self-employed. The Bank Statement HELOC allows qualified borrowers to retain their first mortgage while accessing their homes’ equity. It uses trailing 12- or 24-month bank statements as the deciding factor and provides a line of credit with no restrictions on usage. This offer is available for owner-occupied homes, second homes, or investment properties. American homes currently have $32 trillion in equity built up, a record high. Angel Oak says about 16 million people are self-employed, many of whom own homes they can’t extract wealth from through traditional avenues. “Angel Oak’s commitment to alternative mortgage solutions has allowed us to establish our reputation as a leader and innovator within…

TD Bank Devotes $10B To Residential Lending In Underserved Communities

TD Bank has devoted about $20 billion to programs that serve diverse and minority communities, with a large chunk going to support residential lending. Half of the designated funds are classified for residential lending for low- and moderate-income and/or minority borrowers, according to a press release.  This includes both first-time homebuyer and home equity loans, and particularly targets the Boston, Baltimore, D.C., New York, Miami, and Philadelphia markets.  “At TD Bank, we know our success is tied directly to the people and the communities we serve. When they flourish, we succeed,” said Leo Salom, President and CEO. “One of our primary objectives as a purpose-driven bank is to help power economic opportunities that help low- and moderate-income, diverse, and underserved…

CMB Joins UMortgage Platform

Community Mortgage Brokers is joining the mortgage platform UMortgage.  The Springfield, MO, brokerage will operate under the name UMortgage Springfield and act as a branch of the company. It will benefit from UMortgage’s platform in return, expanding its offerings across its Missouri and Colorado offices while providing faster access to more affordable mortgages. “We’re thrilled about the opportunities that we’ll be able to offer our clients with this partnership with UMortgage,” said Andrew Chavez, UMortgage Springfield Branch Manager.  “The UMortgage platform will empower us to offer more competitive rates, a wider range of loan products, and faster turn times to help give our clients more buying power and get into their homes quicker. These advantages not only make the homebuying…