At least 40 new loan brokerage firms have been created this year thanks to $500,000 in grant money donated last fall by United Wholesale Mortgage, Troy, MI. In fact, the effort has been so successful that, UWM – which is the largest table-funder of brokers – recently kicked in another $100,000. As for future growth in the initiative, that’s hard to say. UWM, so far, has been...
Over the past few weeks, two $100 million-plus transactions involving mortgage technology companies have been announced, signaling that more activity may be ahead in the space as residential finance moves toward the digital age. “This is an interesting time,” said consultant Jeff Lebowitz, a former Fannie Mae executive who has been tracking tech changes for two-plus decades. “There’s a paradigm shift going on. Outside guys are coming in, thinking there’s big changes ahead for ...
“The NOLO platform allows customers to complete the mortgage lending process entirely online without the industry standard loan officer interference at each step,” 360 said.
Are loan officers headed for extinction? There certainly will be much less of a market for them in the future if the new online platform, No Originating Loan Officer, being rolled out by 360 Mortgage Group, a privately-owned mortgage banking firm based in Austin, TX, takes hold across the industry. On the other hand, fewer humans in the mortgage lending mix may mean fewer opportunities for errors, cutting compliance corners or engaging in steering and other discriminatory practices that ...
Mortgage closings moved out of the office years ago to places more convenient for borrowers. Now, technology allows closing to occur without all the parties being present in the same place. United Wholesale Mortgage claims to be the first lender to have completed a “virtual e-closing” with a refinance that closed at the end of July. The lender allowed the borrowers and notary to use webcam technology and electronically sign all of the closing documents. Previously, lenders offering e-closings have required some in-person contact with a notary to e-sign closing documents. “This ultimately eliminates...
With the troubles from the financial crisis fading in the rear-view mirror, the residential mortgage servicing industry could be on “the edge of glory,” if companies can elevate their game and keep it at a high level, according to analysts with S&P Global Ratings. “The financial crisis left mortgage servicing hanging on a moment of truth,” they said in a new report. “This led to substantial changes in the industry in the past 10 years, the effects of which are still being felt today.” The changes included...
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