Author: PROGRESS In Lending

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net loss of $1,972 on each loan they originated in the first quarter of 2023, an improvement from the reported loss of $2,812 per loan in the fourth quarter of 2022, according to the Mortgage Bankers Association’s (MBA) newly released Quarterly Mortgage Bankers Performance Report.

Gateless, a technology company providing the mortgage industry with next-generation automation, announces that Guaranteed Rate has deployed its Smart Underwrite solution, technology that is designed to revolutionize the borrower experience.

Planet Financial Group has added an innovative commercial servicing division to its family of companies. Led by Planet Management Group, Executive Vice President James DePalma and Senior Vice President Janina “Gigi” Woods, Planet’s high-touch, experienced asset management team will benefit investors throughout the asset class. 

FormFree has brought on Jonathan Nahil as chief technology officer (CTO).

Maxwell has closed the acquisition of LenderSelect Mortgage Group, which provides access to the capital markets for hundreds of banks, credit unions and independent mortgage banks. LenderSelect will become a vital part of Maxwell Capital, which launched in 2022 to broaden access to the best mortgage products and pricing for thousands of lenders, powered by Maxwell’s network of data.

Planet Home Lending has been named a 2023 winner of the Freddie Mac Home Possible RISE Award ®, which recognizes lenders that are making great strides in helping low-income homebuyers through the Home Possible® loan program. 

Home Equity Lending News LLC (HELN), a source of breaking news and statistics about second-mortgage lending, and Flueid, a technology company fueling real estate transactions from end-to-end with title data and intelligence, have released Second Mortgage Market Insights Q2 2023, a detailed look into the current state of junior-lien originations, capital markets, servicing and technology, as well as the home-equity market outlook.

April MCTlive! Lock Volume Indices shows that after an upward trend in March, lock volume decreased slightly across the board for the month. Purchase lock activity was down 3% compared to March, rate/term refinance volume was down 2%, and cash-out refinance volume was down 3.6%. Lock activity in total was down 3% versus March.

The MBA Opens Doors Foundation (Opens Doors) has received $100,000 from Lennar Mortgage’s 10th Annual Derby. This gift will allow Opens Doors to deliver further on its mission of providing mortgage and rental assistance to families with critically ill or injured children, allowing parents and guardians to be by a child’s side during treatment without fear of losing their home.

The Houston Association of REALTORS® (HAR) has implemented Down Payment Resource (DPR) to bring Greater Houston area homebuyers’ attention to homebuyer assistance programs in the wake of declining housing affordability. Data indicates that homebuyer assistance programs can be especially impactful in the Greater Houston area, where 89% of listings are eligible for assistance and HAR reports that only 40% of households could afford to buy a home in Q4 2022.