Path Software Offers New TPO Functionality

Path Software, a modern and flexible mortgage loan origination system, has developed a new third-party origination (TPO) capability. Known as Path TPO, the new functionality enables clients to quickly and inexpensively enter the TPO market, generating loans from smaller lenders and mortgage brokers. It’s delivered through the client’s current Path platform in a secure, compliant and seamless workflow environment that is configurable for increased efficiencies.  

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Year-Over-Year Lock Volume Continues To Drop

November MCTlive! Lock Volume Indices show that year-over-year total lock volume (-60.9 percent) continues to drop, as expected, when compared to activity in 2021. Both the month-over-month rate/term refinance lock figure and purchase index decreased for the second consecutive month. Total mortgage rate locks by dollar volume decreased 28.6 percent month-over-month in November.

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Stellar Raises $20M In Series B Funding

Stellar, a venture-backed technology-driven marketplace which solves maintenance at scale for the Single-Family Rental (SFR) market, closed $20M in Series B growth equity financing. The funding round was led by new investor Weatherford Capital and was also supported by existing investors Brick & Mortar Ventures, S3 Ventures, Alerion Ventures, and Navigate Ventures. This round brings the company’s total venture capital to $35M and will be used to enhance the company’s technology and platform, invest in new talent, and expand into additional U.S. markets.

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Chris Bixby To Lead Venture Capital Strategies

Chris Bixby has joined Rice Park Capital Management LP, a Minneapolis-based investment firm, as Managing Director, Venture Capital Strategies (“Ventures”). Bixby’s unique entrepreneurial background, combined with previous experiences in middle-market private equity, fintech start-ups, and as an executive in sales and marketing roles, makes him well-suited for Rice Park’s hands-on approach to venture capital.

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Al Ogrodski Has Been Hired To Work On LendingPad’s New Compliance Engine

LendingPad, the modern loan origination system named G2 Spring and Summer 2022 Momentum Builder leader, announced that Al Ogrodski has been hired to work on LendingPad’s new compliance engine, ComplyIO. Al is a pioneer in automated compliance and was the Co-Founder and Chief Architect of Mavent. Al’s robust career in the mortgage industry includes leadership roles at automated compliance provider, ComplianceEase, and highly recognized fintech company, SitusAMC. He is also a Certified Mortgage Technologist (CMT).

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