MC Mortgage Group Joins UMortgage

Wilmington, NC-based MC Mortgage Group is joining mortgage platform UMortgage, the company announced. MC Mortgage serves homebuyers in North and South Carolina. The company was named MPA Top Employer and Lender and Wilmington Cape Fear Home Builder’s Association’s Lender of the Year in 2021. The company was founded in 2005 by President Patrick Stoy, a seasoned mortgage veteran with nearly 25 years of experience as a broker. He was named a UWM Top 1% Broker and a Top-100 Purchase LO with UWM in 2022. In 2021 he was named Mortgage Professional of the Year by the North Carolina Home Builders Association. “Being that I’ve been a true independent mortgage broker since 2005, this platform will allow me the opportunity to…

UWM Introduces 1% Down Payment

United Wholesale Mortgage is offering a 1% down payment product in a bid to bring in more borrowers. The Conventional 1% Down allows buyers to pay 1% towards their new home. UWM will then pay an additional 2%, up to $4,000, for a combined 3% down payment. “We are bringing back the Conventional 1% Down to give independent mortgage brokers a competitive edge with borrowers and real estate agents, while also helping make homeownership more affordable and accessible for borrowers across the country,” said Mat Ishbia, president and CEO of UWM. “We’re going to continue developing products and solutions that will help get more borrowers into homes faster, easier, and cheaper, and Conventional 1% Down is a great example of…

SoFi Acquires Wyndham Capital Mortgage In Cash Deal

Digital financial services company SoFi Technologies has acquired Wyndham Capital Mortgage, the company announced in a press release. SoFi is a financial services company that offers a lending arm, as well as a financial technology stack. SoFi’s acquisition includes both talent and technology, allowing the company to expand the mortgage products available to its members. By integrating Wyndham’s scalable digital mortgage platform, the company is taking on a “full stack” approach that allows it to rely less on third-party partners and processes, according to company leaders. “At SoFi, we’re on a mission to help people get their money right, and purchasing a home is often one of, if not the, biggest financial decisions individuals make in their lives,” said Anthony…

Daily AI Rebrands To Aidium Mortgage CRM

Daily AI, a customer relationship management company, is rebranding as Aidium Mortgage CRM.  Company leaders say months of research and analysis revealed the name suited the company’s vision and goals while reflecting its focus on innovation and customer service. “We’ve been in the mortgage CRM space for many years, and this rebranding effort represents a strategic move to better align all our brands under one company with our mission to help mortgage companies succeed,” said Spencer Dusebout, CEO of Aidium.  “We’ve always been dedicated to providing the best solutions and customer service in the industry, and our new brand reflects that commitment.” The rebrand includes updates to the company’s core product, website, marketing materials, and other communications. Aidium says the…

Lock Dollar Volumes Up As Non-Conforming Loans Surge

Non-conforming loans pushed rate lock dollar volumes up in February as homebuyers struggle to handle high rates. While conforming, FHA, and VA loans all lost some share of the market last month, non-conforming loans increased across the spectrum, snagging 12.2% of the market, Black Knight reported in its latest Originations Market Monitor report. Jumbo loans saw a boost last month as high interest rates made GSE products less attractive. Dollar volume flew up as a result, though locks fell. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances was 6.49% last week, while the conforming rate was 6.79%. Conforming rates finished the month 52 basis points above January’s levels. Adjustable rate mortgages saw gains, accounting for…

Pat Bolan Joins New American Funding As CPO

Pat Bolan has joined New American Funding as its new chief production officer, the company announced in a press release. As CPO, Bolan will work to grow the lender’s retail sales, grow its sales team and synergize the retail sales division with the other departments. Bolan brings more than thirty years of leadership and origination experience to NAF. Prior to this, he worked as a divisional manager with Guaranteed Rate, where a developed a sales team from scratch.  He has also held leadership positions at Prospect Mortgage, Capital One, and American General Finance. “I’m happy to share that I’m starting a new position as Chief Production Officer at New American Funding! It was a difficult decision leaving an amazing company…

Competitive Home Lending Offering Wholesale Rates To Veterans

Veterans in Texas are being offered extended homebuying benefits from Competitive Home Lending, the company announced. Buyers applying for a VA loan through CHL can qualify for a wholesale VA mortgage rate. Wholesale rates are typically between 25 and 50 basis points lower than retail rates. This gives veterans the opportunity to buy a more expensive home without increasing their purchase price. CHL has lowered its credit score requirements for veterans to as low as 500, offering 100% financing. “Competitive Home Lending recognizes the sacrifice and service of our Veterans and wants to do everything possible to make homeownership more accessible for them,” said Raul Hernandez, Mortgage Broker of Competitive Home Lending. CHL is also offering VA one-time close construction…

Guaranteed Rate Launches “Same Day Mortgage”

Just a few weeks after Better.com announced its One Day Mortgage product, Guaranteed Rate is trying to speed things up further with Same Day Mortgage. Same Day Mortgage promises a loan approval in less than 24 hours, which Guaranteed Rate calls an “industry first.” “Guaranteed Rate is known for revolutionizing the mortgage industry and making the home buying process easier – innovations like the first-ever digital mortgage that we launched in 2015,” said Guaranteed Rate President and Chief Executive Officer, Victor Ciardelli.  “Today we’re changing the game again with Same Day Mortgage. Customers expect services to be fast and easy, Same Day Mortgage delivers exactly that with cutting-edge technology and a totally efficient process.”  The program was tested with a…

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…