In a high-interest rate environment, mortgage lenders must find new ways to differentiate to be successful. How do they do that? The only answer is to innovate by improving the overall mortgage process by adopting new technologies, but what is mortgage technology innovation, really?
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The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance remained unchanged at 0.22% as of April 30, 2024. According to MBA’s estimate, 110,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.1 million borrowers since March 2020.
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HomeAdvantage—a subsidiary of Jason Mitchell Group Holding Partners—has acquired Real Estate Connection (REC)—a REALTOR® management company and brokerage. REC will now offer the HomeAdvantage product and nationwide MLS for lender accounts.
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STRATMOR Group, a mortgage advisory firm, has merged with Teraverde, an award-winning mortgage advisory and technology solutions provider. Both firms will operate under the STRATMOR brand in the near future.
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Optimal Blue launched its Optimize Your Advantage campaign in advance of the MBA Secondary and Capital Markets Conference. This brand initiative highlights the value and innovation the company delivers to clients. Through Optimal Blue’s position as the housing industry’s only end-to-end capital markets platform, lenders and other market participants have greater control of their profit margins, giving them distinct advantages, regardless of market conditions. In turn, they are better positioned to make housing finance accessible to more American borrowers.
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Dark Matter Technologies (Dark Matter) announced the appointment of Vikas Rao as deputy chief product officer. Reporting directly to Chief Product Officer Stephanie Durflinger, Rao is charged with overseeing enhancements to the Empower® loan origination system (LOS) and establishing Dark Matter’s developer community, which will help lenders embed automation deeper in their origination workflows and more tightly integrate their systems using open application programming interfaces (APIs) and widgets.
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LenderLogix, a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, announced OneTrust Home Loans as its newest Fee Chaser client. Using Fee Chaser, OneTrust Home Loans can streamline its operations and compliantly collect upfront fees from its borrowers.
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Snapdocs, a mortgage digital closing provider, has partnered with SitusAMC to integrate the Snapdocs eVault to SitusAMC’s ProMerit platform. The partnership allows warehouse lenders to manage eNote transactions seamlessly and securely from within their warehouse lending system of record, enabling them to scale eNote adoption with confidence and ease.
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The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2024 shows mortgage applications for new home purchases increased 22.1 percent compared from a year ago. Compared to March 2024, applications increased by 2 percent. This change does not include any adjustment for typical seasonal patterns.
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LERETA, a national provider of real estate tax and flood services for mortgage servicers, announced that Mitch Bledsoe has been named Chief Technology Officer (CTO) for the company. Bledsoe, who joined LERETA in 2022, had been Senior Vice President of Enterprise Technology at LERETA.
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