Author: PROGRESS In Lending

WaterfallCalc, a provider of accurate loss mitigation technology for small- and mid-sized mortgage servicers, has launched WaterfallCalc+, an affordable cloud-based version of its popular loss mitigation analysis tool that enables distressed borrowers to easily apply for assistance through their phone, tablet or PC, supplementing the company’s flagship technology, WaterfallCalc, which gives servicers the technology to calculate the appropriate loss mitigation option, based on insurer and agency requirements. WaterfallCalc and WaterfallCalc+ are priced to give small and midsized servicers entry into the technology they need to stay competitive in the mortgage servicing market.

The MBA Opens Doors Foundation (Opens Doors) received $2,684,526 in corporate and individual donations during its Annual Appeal fundraising campaign to kick off fiscal year 2024, held September 5-7. The proceeds will support the Foundation’s mission of helping vulnerable families with critically ill or injured children stay in their homes while their child is in treatment.

The Fed’s decision to stop raising rates yesterday was welcomed by our industry. Everyone agrees that mortgage rates are very high now in comparison to where they’ve been for the last few years and a downward trend on rates would be welcomed. But will this have a huge impact on mortgage lending or just work around the margins? Here’s what industry experts think:

LenderLogix, a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks and brokers, announced that Minnesota-based Affinity Plus Federal Credit Union (Affinity Plus) has selected its pre-approval letter generation tool QuickQual to provide borrowers with a white-labeled, digitally-driven entry point into their homebuying experience.

Snapdocs, a mortgage digital closing provider, released new research revealing that the majority of lenders who have purchased eClose technology are not realizing the benefits of the product at scale.

Mortgage applications increased 5.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 15, 2023. Last week’s results included an adjustment for the Labor Day holiday.

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 6 basis points from 0.39% of servicers’ portfolio volume in the prior month to 0.33% as of August 31, 2023. According to MBA’s estimate, 165,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 7.92 million borrowers since March 2020.

Mortgage lending veteran and long-time Guaranteed Rate employee Ryan Ogata has transitioned to lead the company’s reverse mortgage division as Executive Vice President of Reverse Mortgage Lending.

Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, has reported, further to the releases issued on June 26, 2023, August 2, 2023, and August 8, 2023, the closing of an additional $1,260,000 of gross proceeds from a non-brokered private placement of units (the “Offering”). With respect to recent prior private placements, the Company closed on $3,052,699 of Units on June 26, 2023, $942,000 of Units on August 2, 2023, and $6,448,353 of Units on August 8, 2023, for an aggregate amount of $11,703,052 of gross proceeds closed under the offerings.

Planet Home Lending, a national mortgage lender and servicer, has opened a new branch office in Myrtle Beach, South Carolina (NMLS ID# 2520358). Led by Branch Manager Andy Griggs (NMLS ID# 75287), the new office will cater to homebuyers and owners in Horry, Brunswick, and Columbus counties.