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…

Hitting The Interest Rate Jackpot: Balancing The Benefits Of An Assumable Mortgage

By ERIN FLYNN JAY Buyers who are sensitive to high mortgage rates have developed an interest in assumable mortgages, betting they are the ticket to avoiding excessive costs, but are they worth the hype? An assumable mortgage lets a homebuyer take over the seller’s existing mortgage, including its terms and interest rate. It’s like adopting a well-behaved financial pet instead of getting a new, potentially unruly one, said Ritika Asrani, founder and head broker at St Maarten Real Estate. “While you can’t literally time travel to snag a rate from a decade ago, assumable mortgages allow you to benefit from historically low rates,” said Asrani. “If the seller locked in a killer rate back then, and rates have risen since,…

Carrington Adding Assumable Loans To Its Services

Carrington Mortgage Services, a private non-bank lender, is adding assumable mortgages to its list of services. Assumable mortgages allow buyers to assume responsibility for a seller’s loan terms. This includes the current balance, interest rate, remaining term, and any other terms of the mortgage. “Carrington is committed to ensuring borrowers have every possible opportunity to obtain a loan on the home they want,” said Greg Austin, EVP, Mortgage Lending for CMS. “Assumable mortgages are another loan option that Carrington is educating home sellers and buyers about in this very complex real estate market.” Buyers who have the opportunity to assume a mortgage with a low interest rate could see significant savings over the life of the loan. Carrington is alerting…