Rocket Homes has a new plan for encouraging homeownership: showing Americans homes for sale as they’re driving.
Rocket Homes, the real estate service arm of Rocket Companies, made its iOS app available in cars, trucks, and SUVs through Apple CarPlay in order to turn the “everyday commute into an exciting and natural part of the homebuying journey,” company leaders said in a press release.
Users click the “Nearby” tab of the app on CarPlay to pull up homes listed for sale in the area. Drivers can then get directions to the home, call an agent, or save the listing for later viewing on their iPhone.
“The Rocket Homes app is making house hunting more convenient for busy homebuyers on-the-go,” said…
Upright has introduced debt service coverage ratio rental loans available to real estate investors.
DSCR is a measure of the cash flow available to pay back debts. A DSCR loan is a non-QM loan available to investors that allows lenders to judge qualifications without verifying personal income by focusing on rental income.
“Many customers at first come to us for our fix and flip loans. Often their exit strategy was to turn them into long-term rental properties, and we have previously had to refer them elsewhere. There was a piece of the puzzle missing,” Upright’s VP of Revenue, Brendan Bennett, said in a statement.
“By introducing DSCR Rental Loans, we are better able to serve the needs of more customers…
Alliant Credit Union announced several new mortgage offerings and a home construction loan.
The credit union partnered with Zillow, Bankrate, and LendingTree to bring about the new products, which are available to a broad range of buyers.
“Helping Americans achieve their financial goals, including homeownership, is at the core of Alliant’s mission,” said Dan Bauer, Head of Residential Lending for Alliant Credit Union.
“Our collaboration with Zillow, Bankrate, and LendingTree helps expand accessibility to these offerings. Alliant believes that every home tells a unique story, and we are honored to be a part of our people’s journey in creating their own narratives of home and hearth.”
Alliant will offer a FHA mortgage loan, geared toward first-time buyers and allowing for…
CBC Mortgage Agency introduced temporary rate buydowns to its down payment assistance program for FHA first mortgage financing, the lender announced in a press release.
Borrowers have access to either a 2-1 or 1-0 buydown, easing the financial burden on first-time buyers for the first few years of homeownership.
“The addition of a 2-1 and a 1-0 buydown feature is CBC Mortgage Agency’s continued response to the ongoing effect of the higher interest rates,” said Cari Zwick, National Program Director. “We’ve had a lot of requests for a buydown feature, and we hope it provides some relief to buyers during the current state of the housing market.”
This feature comes just weeks after CBC lowered the interest rate on its…
Adam O’Daniel joined Guild Mortgage as SVP and chief marketing officer, the lender announced in a press release.
In this newly created position, O’Daniel will lead Guild’s marketing and communications with the goal of increasing its brand presence in the U.S. and encouraging growth.
“Leading this team of marketers and creative professionals is an incredible honor. We’re going to expand Guild’s brand presence nationally, deliver best-in-class marketing tools, technology and support for our sales teams, and infuse a culture of creativity and collaboration across the brand,” he said.
O’Daniel brings fifteen years of mortgage and financial services industry experience to the role. He previously served as SVP of Marketing at Open Mortgage and spent six years in leadership positions at…
POS provider Floify launched a one-stop lending platform for brokers, Floify Broker Edition.
The platform is built on the foundation of the Floift POS platform and features rule-based automation to promote efficiency. It also provides a borrower-friendly interface that boosts application pull-through.
Floify says brokers can use Broker Edition in place of a traditional loan origination system or add it to their preferred list of products.
“Floify Broker Edition is born out of a deep understanding of the unique challenges faced by mortgage brokers, which include juggling a burdensome administrative workload, regulatory compliance, and multiple technologies with minimal support,” said Floify President and General Manager Sofia Rossato.
“The platform is designed to make mortgage lending easier and more cost-effective while…
Newrez launched a new conventional loan product geared towards low-income and first-time homebuyers, the company announced in a press release.
The product, RezSource, is designed to lower out-of-pocket costs for borrowers.
It allows qualified buyers to secure a 1% down payment, which can be sourced from various places including gifts, funds from family, support for non-profits, and assistance from government agencies, among other options.
At the same time, Newrez will contribute up to $5,000, based on the lesser of 2% of the appraised value or purchase price, easing the financial burden of homebuying.
“We are thrilled to introduce RezSource, a product that reflects our commitment to making homeownership a reality for individuals who may have thought it was out of…
Jeff Pancer joined First Community Mortgage as EVP of Capital Markets, the company announced in a press release.
This is a newly created position at FCM.
“The creation of this position at this level underscores First Community Mortgage’s commitment to enhancing its capabilities and leadership team to better serve its customers and partners, and I am proud to be part of that strategy,” Pancer said.
Pancer brings more than thirty years of experience in secondary markets to the position. Prior to FCM, he held executive positions at HomeBridge Financial Services, both before and after its retail division was acquired by CMG Financial.
His other experience includes FVP, Secondary Markets at Indymac Bank; SVP, Capital Markets Manager at Opteum Financial Services;…
By KIMBERLEY HAAS
Rocket Pro TPO is kicking off its annual December to Remember event and the executive vice president says it will mean more for mortgage professionals this year than ever before.
Mike Fawaz and his team announced on Nov. 20 that they will again be spreading holiday cheer this month with wins focused on helping the broker community. He said during an interview with The Mortgage Note this week that due to the state of the market in 2023, brokers and loan officers are hustling to finish the year strong.
“To me, this year December to Remember becomes a lot more special than any other year because, for one, December to Remember came to life to help mortgage…
By KIMBERLEY HAAS
Leaders at a California-based digital lending solutions provider say they are using generative AI to redefine the financial services landscape.
The launch of Data Beats by Tavant was announced at the Mortgage Bankers Association’s annual convention and expo in Philadelphia this October. The platform will initially be used for mortgage and home equity products but it will be extended to all consumer loans and banking products.
Abhinav Asthana, fintech product business and growth leader at Tavant, said in a statement that the company’s mission is to stay at the forefront of innovation and to be the engineering partner of choice in the financial services industry.
“Data Beats exemplifies our commitment to providing our customers with an advanced…
