Author: PROGRESS In Lending

Credit-building platform GetAugie formed a strategic partnership that will enable consumers to sign up for its Augie Card using the Passport mobile app from ability-to-pay fintech FormFree. By automating the identity verification process required to obtain an Augie Card, GetAugie’s integration with FormFree will make it easier than ever for consumers to get started building credit without changing their spending habits.

The level of commercial/multifamily mortgage debt outstanding at the end of 2022 was $324 billion (7.7 percent) higher than at the end of 2021, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.

MBA’s President and CEO Bob Broeksmit, CMB, released the following statement regarding the Consumer Financial Protection Bureau’s (Bureau) small business loan final rule that implements Section 1071 of the Dodd-Frank Act:

The Data & Analytics division of Black Knight, Inc. (NYSE:BKI) released its latest Mortgage Monitor Report, based on the company’s mortgage, real estate and public records data sets. After seeing home prices pull back for seven consecutive months at the national level, and likely spurred by homebuyers reacting to a dip in 30-year interest rates, the Black Knight Home Price Index showed something of a rebound occurring in many areas of the country in February. As Black Knight Vice President of Enterprise Research Andy Walden explains, a widespread shift occurred at the geographic level, with prices rising for the month in 78% of the 50 largest U.S. markets.

The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. The rule will work in concert with the Community Reinvestment Act, which requires certain financial institutions to meet the needs of the communities they serve. The increased transparency will benefit small businesses, family farms, financial institutions, and the broader economy.

FormFree announced that developer of collaborative solutions for the housing finance industry, IndiSoft, is leveraging FormFree’s Passport to enable HUD-approved housing counseling agencies (HCAs) to provide more effective and expeditious consumer counseling. 

LERETA, a national provider of real estate tax and flood services for mortgage servicers, announced the LERETA Tax Grants program which will help pay property taxes for military veterans through Operation Homefront, a national nonprofit whose mission is to build strong, stable, and secure military families so they can thrive – not simply struggle to get by – in the communities they’ve worked so hard to protect.

Mortgage Advisory Partners (MAP), a strategic mortgage consultancy group, announced that Maria Elena Jaimes has joined the firm as Managing Director of Training and Development.

Agile, a fintech bringing mortgage lenders and broker dealers on to a single electronic platform, has facilitated the execution of the mortgage industry’s first ever fully-automated Assignment of Trade (AOT) transaction. AOTs are an increasing popular industry practice that involves three counterparties – mortgage originator, mortgage investor, and broker dealer – transferring loan collateral and hedge positions to a mortgage investor.