Reggora updated its order management platform to embed borrower’s appraisal information into a lender’s POS system, the company announced in a press release. The update improves borrowers’ experience by resolving common issues in the appraisal process. Lenders can collect payments, show appraisal status, and schedule inspections within their POS system. Reggora says the update reduces IT resources required to implement and maintain the integration with a developer-friendly API. “The appraisal is a critical part of the loan process, but, despite all the progress towards a digital mortgage, the appraisal is still done entirely offline,” said Will Denslow, Co-Founder and CTO of Reggora. “There’s a tremendous opportunity for lenders to differentiate by fixing the appraisal experience, and this integration makes it…
Another Motto Mortgage office has opened in Wheeling, WV, the company announced in a press release. Motto Mortgage Valor will now serve markets through West Virginia and Ohio, owned and operated by Michael Hough and Travis Broadwater. They bring a combined twenty years of experience to the office. Razmine Rouse will serve as operations manager and an originator at the new location. Hough will also originate loans. “Motto Mortgage Valor offers an advantageous alternative to the traditional mortgage bankers currently operating in the Ohio Valley,” Hough said. “We provide the scope, scale, and support of a large retail lender while offering the flexibility, autonomy, and exceptional service of a local mortgage broker that knows how to navigate the intricacies of…
Americans who bought a home this year are facing rising underwater risk as home prices cool. Black Knight’s October Mortgage Monitor found that 8% of homes bought in 2022 are now at least marginally underwater, while almost 40% have less than a 10% equity stake in their homes. “Make no mistake: negative equity rates continue to run far below historical averages, but a clear bifurcation of risk has emerged between mortgaged homes purchased relatively recently versus those bought early in or before the pandemic,” said Black Knight President Ben Graboske. “Risk among earlier purchases is essentially nonexistent given the large equity cushions these mortgage holders are sitting on. More recent homebuyers don’t fare as well.” This is a particular issue…
Despite the slew of closings and layoffs, some mortgage lenders continue to expand as the market cools. Planet Home Lending announced it is opening a new branch office in Lehigh Valley, PA. It will be led by Retail Branch Managers Christopher Lewis and Nick DeJesus, and Sales Manager Andrew Keller. The group is known for providing a customer-focused, high-touch experience. Planet Home offers down payment and closing cost assistance, as well as rate buydowns. Planet Home continues to expand nationwide after its Q3 earnings report showed a 14.1% boost in loan volume despite market difficulties. “Planet’s efficiencies allow us to deliver what first-time homebuyers expect in the Lehigh Valley market,” DeJesus said. “We were drawn to Planet by the company’s great rates,…
Borrowers once again affirmed that quality of experience matters more to them in the lending process than cost. In a new survey from Reggora, an appraisal management software company, most borrowers said they care most about speed and quality in an appraisal. These were followed by communication and professionalism. The cost of the appraisal was ranked as the least important factor. Of the 1,008 respondents, 815 said they didn’t care about the appraisal cost at all when choosing a lender. They focused primarily on interest rates, followed by the borrower’s perception of the loan officer. Having a relationship with the lender or hearing about positive experiences from others were significantly more important than factors like closing costs, special loan considerations,…
Mortgage loan application volume rose last week, responding to a dip in rates, according to the Mortgage Bankers Association’s weekly survey. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 2.7%. The 30-year fixed rate once again fell below 7%, propelling potential buyers into action. Rates have been going back and forth between the high 6.90s and low 7s for several weeks. This drop from 7.14% to 6.90% is the largest single-week decline since July 2022. The adjusted purchase index rose 4%, while the unadjusted purchase index decreased by 10% and was 46% lower YOY. “Application activity, adjusted to account for the Veterans Day holiday, increased in response to the drop in rates – driven…
This Halloween, mortgage brokers have more to fear than your typical ghosts and ghouls. Some economists say the market is rebalancing, while others say the housing slowdown is more severe than a correction. “Last year, sellers could seemingly list their home at any price and see multiple offers roll in above list price within days,” said Senior Economist Nicole Bachaud of Zillow. “Now, buyers have some negotiating power, and sellers are under pressure. Buyers are still out there and willing to buy when they find the right home at the right price, which will provide a floor for the price declines we are currently seeing.” Either way, mortgage brokers are facing a seriously spooky situation: dwindling home sales, decades-high interest rates,…
Interest rates have dampened demand for mortgages, but some areas remain prime opportunities for lenders, according to a new study from TransUnion. The study, “Where Will Growth In Mortgage Originations Come From?,” analyzed the credit-active U.S. population between Q2 2017 and Q1 2022. It flagged consumers with a variety of traits, such as VA eligibility and income status, who withdrew their applications or may have been turned down for a mortgage. The results showed mortgage-qualified consumer segments that have “purchase origination potential.” Of the approximately 121 million low- and moderate-income (LMI) consumers studied, 95% were credit eligible for a mortgage. Buyers should have at least a 620 credit score when applying for a conventional loan. 86% of VA-eligible consumers were…
Tennessee-based First Community Mortgage is expanding its retail business into the Midwest, the company announced in a press release. The expansion comes as FCM celebrates its 20th anniversary. New team members have largely signed on since September 1. “We are excited to add these talented professionals to the First Community Mortgage family,” Keith Canter, CEO and one of the founders of FCM, said. New hires include Bret Head, who comes from Prime Lending where he served as SVP and Regional Director of Retail Sales. He joins FCM as EVP and National Director of Sales. The majority of new team members are based out of branches in Cincinnati, Chicago, Detroit, Grand Rapids, and Indianapolis. They include Branch Managers Ryan Kiefer and…
Pennymac has appointed fintech exec Jerry Halbrook as its Chief Mortgage Innovation Officer, the company announced in a press release. Halbrook brings four decades of experience to the company. He will be responsible for developing and launching new tech solutions and preparing for future innovations. “Pennymac welcomes Jerry and his extensive expertise as we continue to make significant strides towards building the future of technology in the mortgage banking industry,” said Doug Jones, President and Chief Mortgage Banking Officer at Pennymac. “Jerry is a proven leader who will accelerate Pennymac’s growth in sectors where our industry is moving – especially in today’s competitive and volatile market.” His previous experience includes roles in the top 10 mortgage lenders, plus boutique firms…
