Robust home price growth eases mortgage performance strain in Q1

The coronavirus recession continued to put a strain on mortgage performance in the first quarter, however effects of the pandemic may not be as harsh to the housing market as during the global financial crisis, according to the latest Milliman analysis. Results of the Milliman Mortgage Default Index (MMDI) showed that Fannie Mae and Freddie Mac saw a 40% quarterly increase in economic risk due to COVID-related economic pressures. Economic risk for Ginnie Mae mortgages, which have a higher level

Staffing company Jobot launches mortgage recruiting division

California-based staffing company Jobot has ventured into the mortgage space with the launch of its mortgage recruiting division, Jobot Mortgage. Demand for home buying and refinancing spiked amidst the coronavirus crisis – driving mortgage firms to intensify their hiring efforts to help alleviate the unprecedented pressure on servicers. Jobot, with its proprietary AI technology, entered the hot mortgage hiring market to help companies find top talents. "Our Jax technology allows our Jobot fam

Roostify boosts credit services product to expedite results of credit inquiries

Roostify has made credit inquiry simpler for borrowers and loan officers with a new enhancement to its credit services product. Through the integrated service, customers can pull tri-merge, single bureau, soft and hard credit directly from the Roostify platform. The enhancement also gives loan officers a detailed view on findings and allows them to refresh reports as needed using either a desktop or any mobile device. "We identified a friction point in the mortgage process and set out to addre

Company vet takes charge of Equity Prime Mortgage's marketing division

Equity Prime Mortgage (EPM) has named Eric Skates as the company’s chief marketing officer. Skates, who joined EPM in 2015 as director of marketing, has taken on the task of overseeing all of the firm’s marketing operations. During his years at EPM, Skates headed a myriad of projects including rebranding and launching EPM’s new mission, vision, slogan, and logo. "Eric's growth as a person, leader, and industry advocate is what has led to this special day for him," said Eddy Perez, president an

Yardi Matrix: US rents post first increase in four months

US rental market performance showed signs of stabilization in July, according to the latest Yardi Matrix report analyzing the multifamily sector. Multifamily rents increased by $2 last month to $1,460 – bringing the four-month downward trend to an end. However, year-over-year growth remained at -0.3% as 17 of the top 30 markets reported negative growth. Gateway markets continued to see sharp year-over-year drops, with San Jose (-5%) and San Francisco (-4.1%) leading the way. Atlanta, Denver, a

Builder confidence in the 55+ housing market return to pre-pandemic levels

Housing shortages and low interest rates drove a spike in builder confidence in the single-family 55+ housing market in the second quarter, according to the National Association of Home Builders. "Low supply of existing homes and low interest rates are key factors in helping the 55+ housing market bounce back to where it was at the beginning of the year," said Harry Miller III, chairman of NAHB's 55+ Housing Industry Council. NAHB's 55+ Housing Market Index (HMI) jumped 27 points to a reading

Zillow Offers is back to business in all 24 markets

Zillow's home-buying and selling operations are up and running again in all 24 markets where Zillow Offers is available. The real estate company paused buying homes through Zillow Offers in March in light of market uncertainty and public health concerns related to the coronavirus pandemic. After the five-month hiatus, Zillow announced on Tuesday that homeowners in Houston, Las Vegas, South Florida, the Tampa Bay region can once again sell their homes directly to Zillow. "Starting today, homeow

RealtyTrac appoints EVP to lead marketing initiatives

ATTOM Data Solutions has announced the appointment of Rick Sharga as executive vice president of marketing for its foreclosure listings and search portal, RealtyTrac. In his new role, Sharga will oversee the company’s marketing and public-relations activities. He will also be responsible for developing and implementing new marketing strategies to increase brand awareness. "As ATTOM continues its growth and expansion in the data licensing business, we also have been revitalizing RealtyTrac, one

Fierce bidding wars contribute to uptick in sight-unseen offers

Making an offer before seeing the home in person has become a popular strategy among home buyers as competition gets even tougher this homebuying season. Nearly 45% of homebuyers in the past year made an offer on a property without seeing it in person, according to a new Redfin report. This is the highest share of sight-unseen offers since at least 2015, up from just 28% during the same period in 2019 and from 20% in July 2015. This trend of increasing sight-unseen offers will likely continue

AmeriSave to add 2,000 mortgage jobs in 2020

AmeriSave Mortgage has announced plans to add more than 2,000 employees over the next six months. The Atlanta-based mortgage lender is looking to recruit more loan officers, mortgage underwriters, loan processors, mortgage specialists, technology roles, and customer care positions, among others. Mike Berte, president and chief operations officer of AmeriSave, said that the move came on the heels of a record year for the company. “Last year was an incredible year, and we have carried that mome

Churchill Mortgage ramps up expansion efforts to meet growing demand

With demand for mortgages steadily on the rise, Churchill Mortgage has expanded two of its mortgage teams in Tennessee to keep up with borrowers' needs. The Nashville-based lender's Middle Tennessee teams, led by company veteran Kevin Watson and Stephanie Christian, have seen substantial growth in loan volume over the past year. Churchill is currently seeking mortgage professionals to add to its hybrid team and digital lending team, bolstering its expansion efforts in the area. "Working to hel

Former Quicken Loans exec to lead Notarize's public affairs initiatives

Notarize has that mortgage veteran Nicole Booth has joined the company as executive vice president of public affairs. In her 15 years in the financial industry, Booth has worked with state and federal government bodies, trade associations, and advocacy groups. Throughout her career, she engaged in the mortgage industry's transformation through technology, specifically with remote online notarization (RON), eClosing, blockchain and data privacy and security. "At Notarize, we are transforming in

Multifamily lending hit $364.4bn in total originations in 2019

Mortgage originations of multifamily properties hit a record high in 2019, driven by a combination of strong fundamentals, rising property values, and low interest rates. Around 2,589 multifamily lenders nationwide originated a total of $364.4 billion in new mortgages last year for apartment buildings with five or more units, according to the Mortgage Bankers Association's annual report of the multifamily lending market. Prior to the coronavirus outbreak, MBA forecasted multifamily origination

JetClosing pushes national expansion with additional $9m funding

JetClosing has secured $9 million in its recent Series B funding round, allowing the company to expand its digital home closing services. The latest financing – led by funds and accounts advised by T. Rowe Price Associates, with participation from Pioneer Square Labs (PSL) and Trilogy Equity – brings JetClosing's fundraising total to $35 million. JetClosing said that it would use the investment to fuel its expansion efforts and streamline manual processes. "In light of the current economy, thi

Radian creates platform for valuation and asset management services

Radian has announced the launch of MyRadian, a new digital platform that serves as a "single digital connection" to its valuation and asset management services. With MyRadian, customers can access the entire suite of Radian valuation and asset management services in one platform. The system is designed to speed up order delivery by streamlining communication and giving customers full visibility into their order status. "We envisioned and created MyRadian as a frictionless way to do business wi

FHFA employs RiskSpan's Edge platform

The Federal Housing Finance Agency is now using RiskSpan's cloud platform to analyze agency mortgage-backed securities issued by Fannie Mae and Freddie Mac. RiskSpan's Edge cloud platform provides FHFA instant access to agency MBS pool- and loan-level data through the cloud – enabling advanced prepayment analytics across the mortgage securities space. The platform also allows FHFA to query loan-level data via RiskSpan's API. "We have been providing data services to the agency mortgage market f

COVID-19 amplifies challenges for mortgage servicers in 2020

The coronavirus pandemic has put mortgage servicers to the test, with record-low rates, skyrocketing unemployment, and rising delinquencies creating a surge in customer inquiries. However, mortgage customers were left to their own devices as servicers struggled to provide effective digital guidance and proactive communication, according to a new report from J.D. Power. J.D. Power said that the inadequate response to customers' woes during the COVID-19 crisis dragged down overall customer satis

Reonomy updates CMBS product data on its platform

Reonomy has announced the addition of new commercial mortgage-backed securities (CMBS) data to its platform. With the new data set, Reonomy users can easily find refinance opportunities, access increased coverage of property data points, and more through the Reonomy platform. The data enhancement also enables debt brokers and lenders to identify leads using Reonomy's data on over 150,000 properties and more than 300,000 mortgages in the US. "As a data provider in the CRE industry, our goal is

AFR rolls out Streamline Express program

American Financial Resources (AFR) has rolled out a new program that aims to simplify and accelerate the credit-approval process. The newly launched Streamline Express program offers AFR borrowers a faster process, and special pricing for eligible FHA refinances. The company said that it saw the recent declines in interest rates as an opportunity to improve its refinance process. "With rates at historic lows, there are over 13 million homeowners that could benefit from a refinance, according t

Zillow-D.R. Horton partnership offers home sellers several perks

Zillow has announced an exclusive partnership with D.R. Horton, offering their shared customers several perks and a "more seamless experience." New home construction picked up pace this summer to meet rising demand. However, syncing the timing of the sale of their existing home and the closing of the new one has remained a challenge for buyers purchasing a new-construction home. That's why the companies collaborated to give customers the chance to sell through Zillow Offers, which offers a fle
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