Dark Matter Launches Assumable Mortgage Feature For Empower LOS

Dark Matter Technologies jumped head-first into the assumable mortgage space with a new feature in its Empower loan origination system.

The Loan Assumptions feature makes Empower the first mortgage loan origination system to natively support these types of transactions.

“After successfully piloting our loan assumption capability with a select group of early adopters, we’re incredibly pleased with the progress, success, and the general availability of this important feature that consumers and real estate agents are increasingly asking for by name,” said Dark Matter CEO Rich Gagliano. 

“By partnering with Dark Matter, mortgage originators and servicers can transfer assumable mortgages for home buyers and sellers in a manner that is compliant and efficient.”

Assumable mortgages are gaining popularity as homebuyers and sellers navigate the high-rate environment. The FHA announced it is raising the maximum fee mortgagees may charge to process these loans due to increased demand, ensuring mortgagees are compensated appropriately based on market value.

Most conventional loans aren’t assumable, but FHA, VA, and USDA products can be if certain conditions are met. These products account for more than one in five active loans today.

Buyers must usually qualify under the loan’s criteria, while sellers must obtain approval from their loan servicer.

Empower supports the process from both ends and even works with financial institutions that use a different LOS for first-lien origination.

Dark Matter Technologies emerged from the Black Knight/ICE merger, a rebrand of Black Knight Origination Technologies 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.

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