The Mortgage Bankers Association promoted longtime employee Jamie Woodwell to SVP of Commercial/Multifamily Policy and Strategic Industry Engagement. Woodwell, a CRE expert, has worked with MBA for twenty years. He most recently served as VP and Head of Commercial Real Estate Research In his new role, he will oversee MBA’s public policy and member engagement…
United Wholesale Mortgage announced a 60-day basis point pricing incentive for independent mortgage brokers. The program, “60 bps for 60 days,” is available for borrowers with a FICO score of 720 or higher through January 31, 2025. It applies to both conventional and government loans. This program is designed to help independent mortgage brokers stay…
By KIMBERLEY HAAS Rocket Mortgage has launched new 15- and 30-year home equity loan options and the executive vice president at Rocket Pro TPO says brokers can use them to help clients who need cash. The new terms complement Rocket’s existing 10- and 20-year options and Mike Fawaz said in an interview with The Mortgage…
By JARED WHITLEY Where’s the line between sound business strategy and ethical violations? What’s the difference between vertical integration and breaking the law? Those are the questions being raised about a United Wholesale Mortgage (UWM) website called MortgageMatchup.com. The Consumer Financial Protection Board (CFPB) is in the process of determining how the Real Estate Settlement…
Taking November’s emphasis on gratefulness as their cue, Rocket Pro TPO is taking 24 bps off eligible loans as a “thank you” to its partners. Rocket Pro TPO EVP Mike Fawaz announced the promotion in a video. 24 Takeoff applies to purchases and refis for conventional, VA, and FHA loans. It does not apply to…
United Wholesale Mortgage unveiled looser cash-out refinance guidelines to boost business, but some analysts worry it could stretch homeowners too thin. UWM launched a new 90% LTV cash-out refi that doesn’t require insurance. It’s painted as a way to “win more business and gain valuable referrals while helping borrowers take full advantage of their home…
Dark Matter unveiled another loan origination system, NOVA LOS, under its brand. The move allows Dark Matter to accommodate a diverse range of business models, with two distinct systems available. Where Empower is designed for lenders looking to scale, NOVA is a reliable, lower-cost solution that works well for small lenders needing minimal administrative overhead….
United Wholesale Mortgage rolled out a new technology to give brokers easy access to refinance opportunities. The system, KEEP, sends pre-validated refinance opportunities once mortgage rates shift to meaningfully save borrowers money. UWM says its goal is to help wholesale lenders capture refi opportunities in a saturated market. “In a refi market, you can expect…
Residential mortgage loans spiked in the second quarter of 2024, returning to early 2023 levels and setting the stage for further improvement. New data from ATTOM shows that 1.62 million mortgages secured by residential property (1 to 4 units) were issued in the United States during Q2, representing a 23.2% jump from the first quarter….
Mortgage applications declined again last week as rates continued their upward march. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 2.3%, adding to last week’s 2.7% dip. Adjusted purchase applications slipped by 2%, while the unadjusted index was down…
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