Another round of funding for Blend means one of these days the industry vendor will have to go public because all those venture capital funders are going to want a return on their investment. And Blend had better not disappoint...
The $377.47 million deal from Waterfall Asset Management marks the second non-agency MBS backed by proprietary reverse mortgages to receive a credit rating since 2007.
In 1Q19, the top three HECM lenders were American Advisors Group, One Reverse Mortgage, and Synergy One Lending. Reverse Mortgage Solutions, which ranked fourth, is in the process of being sold…
In a similar move, FHA is developing a modern, single-technology platform suitable to the emerging digital and paperless mortgage environment. The system will provide lenders with a single port to conduct business from applications to claims, including the ability to track requests throughout the life cycle of the loan, said FHA Commissioner Brian Montgomery.
Former FHA chief Dave Stevens: “This settlement marks an end to the era of overly aggressive legal action using FCA as a means to leverage lenders into large settlements.”
The expanded credit sector (which includes non-QM lending) shows promise but accounted for just 2.8% of total residential MBS issued in the first quarter, according to Inside MBS & ABS.
Although similar to Fannie’s HomeStyle loans, CHOICERenovation is novel in that it can also be used to renovate and repair properties damaged in a natural disaster, or to fund renovations, such as flood barriers or retaining walls, that might help prevent damage from a natural disaster.
Better.com’s other major backer is Citigroup. Better recently hired industry veteran William Buell to head the nonbank’s B2B platform. Buell has a deep resume, including stints at Bank of America, JPMorgan Chase and FirstKey…
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