The real estate investment trust originates non-qualified mortgage, home equity and agency loans through its NewRez unit, and funds residential transition loans through its Genesis Capital affiliate.
A recent Fannie Mae study found that lenders are concerned about the lack of competition and rising prices of technology service providers’ solutions in the mortgage industry.
Ares will contribute 90% of the joint venture capital while AmWest will provide the remainder. AmWest will also the provide the non-QM loans for securitization.
A new California bill that seeks to regulate the use of automated decision tools is facing strong opposition from the Mortgage Bankers Association and other trade groups.