Author: PROGRESS In Lending

OptifiNow, a provider of CRM software to the mortgage industry, announced that STG Mortgage has successfully implemented their solution. Based in Orange County, California, STG Mortgage selected OptifiNow TPO because it provided them with an out-of-the-box solution for their wholesale division that is seamlessly integrated with their loan origination system (LOS). “We needed a CRM solution that could meet the sales and marketing needs of our entire business unit,” said Nectar Kalajian, CEO at STG Mortgage. 

The Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.” The revised methodology describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage loans that have low-risk pricing characteristics.

ORNL Federal Credit Union recently announced that President & CEO Colin Anderson has informed the ORNL FCU Board of Directors and employees of his intention to retire on September 30, 2023. The board has retained D. Hilton Associates to lead the executive search efforts. Based out of The Woodlands, Texas, the credit union consulting firm is an industry leader in executive search recruitment. Anderson will work with D. Hilton and the ORNL FCU Board on a smooth transition of leadership.

DigiShares, a provider of white-label tokenization platforms for real-world assets, has partnered with Dwolla, a payment services provider enabling businesses with industry leading account-to-account technology. This strategic move aims to broaden the access of investors to blockchain-based shares representing legal ownership in real-world assets.

MISMO, the real estate finance industry’s standards organization, issued a call for industry professionals to rejoin the Flat Doc to SMART Doc® V3 Verifiable Profile Development Workgroup (DWG) in its new focus on preparing samples of select documents to support the MISMO SMART Doc® V3 Verifiable Profile specification. The project is part of MISMO’s mission to accelerate the mortgage finance industry’s digital future.

MBA’s President and CEO Bob Broeksmit, CMB, released the following statement on the Federal Housing Finance Agency’s (FHFA) announcement allowing borrowers facing financial hardship to defer up to six months of mortgage payments:

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for March 2023 shows mortgage applications for new home purchases increased 0.6 percent compared from a year ago. Compared to February 2023, applications increased by 10 percent. This change does not include any adjustment for typical seasonal patterns.