Fannie Mae enhanced its Income Calculator tool to give self-employed borrowers a leg up. The new and improved calculator is now available at FannieMae.com for lender use at no additional cost. It is also built into CoreLogic’s Income Analyzer service and PointServ’s Digitally Sourced Data service. It builds on the GSE’s existing Income Calculator, introduced…
The recent surge in home prices pushed U.S. homeowners’ tappable equity to a record $11 trillion. Prices were on a run in March, according to the ICE Home Price Index, up 1.2% and more than 25% above the 25-year average increase. This is the third straight month of above-average gains as stock shortages keep competition…
Mortgage lenders who pivoted to borrower-centric approaches in the last year saw customer satisfaction soar despite high rates. That’s according to the J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study, which found overall customer satisfaction with mortgage lenders rose 14 points YOY, even as the average mortgage rate has climbed to its highest level in…
Arizona-based Integro Bank launched a new mortgage lending division geared towards small business owners purchasing homes. Steven Zielsdorf, director of residential mortgage lending, will lead the team. Prior to Integro, he served as a managing member of iLending Mortgage LLC. “Integro Bank is here to make the home buying process easier and less stressful. We…
For borrowers in the rural South, getting a mortgage is tricky. A new analysis from the Consumer Finance Protection Bureau found that consumers in hard-to-reach areas of the South have a tough time accessing credit. Southern rural consumers apply for mortgages at the same rate as consumers nationwide – 19 applications per 1,000 residents –…
FormFree is entering a new era, having strategically divested itself of asset-verification service AccountChek and naming a new president. Eric Lapin, who joined FormFree in 2022 as chief strategy officer, was promoted to president, the company announced. “FormFree is proud to have pioneered the mortgage industry’s first asset verification service, and that revolutionary spirit will…
Wells Fargo’s net earnings dropped in Q4 2022, pushed down by a settlement and the pressures of a shrinking economy. The bank announced that its net income fell to $2.86 billion, or 67 cents a share. This is half of its profits from the same time last year, which came in at $5.75 billion, $1.38…
Mortgage-as-a-service provider Pylon has raised $8.5 million in seed funding for the development of its embedded mortgage infrastructure platform, the company announced in a press release. Funding is led by Conversion Capital with participation from Fifth Wall, Peter Thiel, and QED Investors, among others. Zillow, Blend, Ramp, SoFi, and Figure offered additional funds as angel…
Dustin Wells has been named Co-President of Stronghill Capital as it expands into residential lending, the company announced in a press release. Wells, an industry veteran with more than two decades of experience, will head a new executive team focused on expanding Stronghill’s business from commercial into the non-QM, non-agency jumbo, and investor residential spaces….
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…
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