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…

New Planet Home Lending Team In Central FL

Planet Home Lending has a new team in Kissimmee, Florida, the company announced in a press release. Ricardo Maldonado, retail branch manager, will lead a group of ten mortgage loan officers. The team includes several bilingual English/Spanish speakers to better serve the community. Maldonado noted the burden of home prices on regular Floridians. The group will help potential buyers find down payment and closing cost opportunities from the Florida Housing Finance Commission that may help residents buy a home now, rather than saving for years to come. They also offer seller-paid interest rate buydowns that can benefit buyers and homeowners who want to move their property quickly. “Home listing prices had risen 15.6% at the end of 2022 and the…

Two Texas Lenders Announce Leadership Changes

Brian Ralston has been promoted to EVP, Chief Mortgage Banking Officer at NexBank, the company announced. Ralston moves up from his former role of SVP of Mortgage Banking, which he has held since 2013. In his new position, he will lead the strategic direction of the bank’s mortgage division.  Ralston remains responsible for all origination and servicing operations of the wholesale, non-delegated, and delegated correspondent channels, as well as warehouse lending. He is also the president of NexBank Title, Inc., which he helped establish. Ralston brings nearly two decades of mortgage banking experience to the role. He is a well-known industry pro who has served as a speaker and panelist at conferences covering the spectrum of mortgage lending. NexBank is…

Fairway Rolls Out Down Payment Assistance Program For First-Time Buyers

Fairway Independent Mortgage is rolling out a new program for first-time homebuyers in select communities, the company announced in a press release. The program, called Fairway Community Access, will offer qualifying first-timers up to $7,000 towards the down payment and $500 in the form of an appraisal credit, should appraisal be necessary. Borrowers who plan to purchase a home warranty will also receive a credit toward one year of warranty. Buyers in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia will be eligible for the program. They must currently reside in the designated community, have no ownership interest in any other property, and the home must be their primary residence. Fairway says FCA is designed to help buyers combat high-interest rates…

Guild Acquires Inlanta After Wind-Down Announcement

Just days ago, Inlanta Mortgage seemed poised to go under due to declining homebuyer demand. The Wisconsin-based company operates in 27 states. Leaders there announced plans to close next year, starting the winding down process immediately. The company cited “the dramatic and unanticipated drop in mortgage product demand” for its demise. In a letter to Wisconsin’s Department of Workforce Development, it said 62 employees would be let go. Some of those employees may now be saved from termination by Guild Mortgage, which announced it is acquiring Inlanta. Terms of the acquisition were not disclosed. In a press release, Guild CEO Mary Ann McGarry said the decision aligns with Guild’s expansion mindset. “Inlanta is a natural fit because of its almost…

Hunter Jackson To Lead New Nations Lending Branch

Nations Lending has opened a new branch in Summerville, South Carolina, the company announced. Hunter Jackson will head the branch, servicing borrowers in Summerville and the Greater Charleston region. “The people at Nations and the commitment the company makes to employees’ success are the biggest reasons I joined,” said Jackson. “The company culture is second-to-none and I’m excited to make a splash. It’s amazing the ways that they support the relationship with real estate agents. I can’t wait to show my referral partners the great new things that I now have to offer!” Jackson has sixteen years of real estate experience across the spectrum of homebuying, having worked as a lender, manager, and realtor. He specializes in VA loans. His…

Motto Mortgage Affiliated Opens In Chicago Metro

A new Motto Mortgage Affiliated office has opened in Libertyville, Illinois, the company announced. Motto Mortgage Affiliated is located outside of Chicago and serves all markets in that metropolitan area. The brokerage was established by Michael and Amy Kite. They bring nearly two decades of real estate experience to the business. “Motto Mortgage Affiliated offers an advantageous alternative to the traditional mortgage bankers currently operating in Chicagoland,” said Michael Kite.  “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 the home buying process in your market.” Desmond Lawe, an industry veteran with ten years of experience,…

First Home Mortgage Launches New Program For First-Time Homebuyers

First Home Mortgage is launching a rate discount program for first-time homebuyers, the company announced in a press release. The program, First Home Advantage, gives eligible first-time homeowners access to lower interest rates. “We are excited to provide such a timely program,” said First Home Mortgage founder and CEO David Waters. “The First Home Advantage program levels the playing field for those who may have been overlooked in the past due to credit score issues.” Eligibility is based on annual income and geography, with different income limits in different areas. Borrowers in high-cost regions could be eligible with incomes as high as $168,600 a year. First Home says it created the program because more than 40% of loans it originated…

Lyra Waggoner Joins Movement As CIO

Lyra Waggoner has joined Movement Mortgage as its chief information officer, the company announced in a press release. “Movement Mortgage has an incredible vision and focus. I’m excited to translate this vision into transformational action across our technology platform by putting the best tools in the hands of our loan officers,” Waggoner said.  “Movement and I share the belief that technology, culture and product focus should drive empowerment of our sales team. I am so grateful to join this talented group!” Waggoner brings nearly two decades of mortgage industry experience to Movement. Prior to her new position, she was EVP and head of technology for Level Capital. There, she was instrumental in creating and releasing a loan origination and servicing…

Millennials Are Willing To Co-Buy In Order To Afford Their Dream Home

As first-time buyers struggle to find an affordable home, many Millennials say they are willing to co-buy in order to access bigger mortgages. Pairadime, a new fractional ownership solution with a focus on co-buying, surveyed 1,000 Millennials who say they don’t want to wait for marriage to co-buy a home. Instead, they want to co-buy with their parents, friends, or other family members in order to afford a house in current market conditions. Only 4% of respondents said they would wait until marriage to buy with another person. “During the pandemic, people have been renting and they may have wanted more space, and so they looked at, perhaps, their roommate and decided, ‘Let’s go buy a home together,'” Jessica Lautz,…