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…

Cenlar Promotes Four VPs, One Director

Cenlar FSB has promoted four of its leaders to Vice President and one to Director, the subservicer announced in a press release. Jonathan Lobb has been named Director of Investor Relations, a position that partners with the company’s Investor Relations Officer to manage Cenlar’s agency investors and ratings agencies. He is an attorney who represented mortgage lenders and servicers in foreclosure before joining Cenlar in 2020. Shanth Anathuni has been named VP of Digital Transformation from his current role of Director of Information Technology. He joined Cenlar in 2016 and was promoted through the ranks from his starting point as a Solutions Architect. Ananthuni will lead automation efforts and digital program strategy. He brings more than two decades of tech…

MyHome Acquires Volly

Williston Financial Group’s marketing and tech subsidiary MyHome has acquired Volly, a tech and marketing services company for banks, credit unions, and mortgage lenders. MyHome, a Portland-based, full-service provider of title insurance and real estate settlement services for commercial and residential transactions, is a pioneer in online closing.  It launched its signature technology in 2015, and formally rebranded from Williston Enterprise Solutions and Technology to MyHome in 2022. “Since inception, both WFG and MyHome have been dedicated to providing transparency and empowerment to all mortgage transaction participants,” said Williston Financial Group President and CEO Steve Ozonian. “As the digital transformation of our industry accelerates, we’re committed to acquiring and building solutions that help us further expand our reach and achieve…

Navy Federal Responds To Allegations Of Discrimination

Navy Federal Credit Union responded aggressively to allegations that it discriminated against minority mortgage borrowers, rejecting more than half of Black applicants in 2022. An investigative report from CNN and a class-action lawsuit allege that the credit union, which lends to military service members and veterans, had the biggest gap in approval rates between white and Black borrowers of any major lender last year.  CNN’s analysis found that more than 75% of white borrowers were approved, while more than 50% of Black borrowers applying for the same loan were denied.  Importantly, the gap remains even for borrowers with comparable financial profiles and extends to high-income Black borrowers. CNN noted that Navy Federal approved more white borrowers making less than $62,000…

Law Firms Obtain Fannie Mae’s Secret “Condo Blacklist”

Two law firms announced they obtained copies of Fannie Mae’s secret “Condo Blacklist” and are making the information public. The blacklist, formally known as Fannie Mae’s “Condo Unavailable Projects and Phases Report,” is a confidential database of buildings that the GSE won’t back loans for, largely due to maintenance or financial issues. It has been maintained by Fannie Mae for at least two years. Rumors have long swirled that the list existed, but it was previously only available to lenders. Because of this secrecy, condo owners and applicants who were rejected for traditional conforming loans or refinances were often not given a reason why. “I’m a little surprised how a quasi-governmental agency is not completely transparent. They really should be,”…

Lower, Thrive Mortgage To Merge In 2024

Lower and Thrive Mortgage will merge in 2024, the companies announced. The deal will result in two brands under one umbrella with more than 650 loan officers and 120 active branches. Looking at the two companies’ combined originations in the last twelve months puts the new union just under the top 50 lenders in the U.S. by origination volume. Thrive CEO Selene Kellam and production head Randell Gillespie will join Lower’s executive team, led by CEO and Co-Founder Dan Snyder. The press release did not clarify the fate of other Thrive execs. “The commitment of Thrive to our team and our customers has always been to deliver the best mortgage experience with the highest quality resources,” said Thrive Mortgage Chairman…