Posts

Lender Offers Hybrid eClosing Option

Plaza Home Mortgage, Inc., a wholesale and correspondent mortgage lender, today announced a new hybrid eClosing option on all conventional Fannie Mae and Freddie Mac loans. 


Featured Sponsors:

 


The new option allows settlement agents to coordinate directly with borrowers, and offer them the ability to review their closing documents electronically and execute most of the documents online. Only the Note and Security Instrument documents will require a traditional, wet signature at closing, allowing for a much quicker closing process. 


Featured Sponsors:

 


With the new hybrid eClosing option, borrowers will receive their closing package electronically one to two days before the closing date, allowing them more time to review the documents and ask questions before they get to the closing table.


Featured Sponsors:

 


“eClosings are a logical next step on the path to a completely digital mortgage,” said Jeff Leinan, Executive Vice President, National Wholesale Production. “By offering new, digital solutions our clients will see dramatic improvements in the speed and efficiency of the closing process that will enhance their borrower experience.”


Featured Sponsors:

 


Founded in 2000, Plaza Home Mortgage, Inc. is a privately owned, full-service national correspondent and wholesale lender. Headquartered in San Diego, Plaza is dedicated to building quality, long-term relationships with its correspondent and mortgage broker clients by offering a wide variety of programs and an exceptional client experience. 

United Wholesale Mortgage Makes Significant Changes To Rates And Pricing

United Wholesale Mortgage (UWM), the No. 1 wholesale lender in America for four consecutive years, has made a major change to its pricing philosophy, now providing mortgage brokers with the best rates and pricing in America.


Featured Sponsors:

 


UWM has been consistently competitive in terms of rates, regularly ranking near the top of most rate comparisons, but was recognized by mortgage brokers more for its fast and easy processes than offering the best pricing. Now, UWM’s rate sheet is expected to outshine all of its wholesale competitors, in addition to continuing to set the gold standard for service, process, technology and partnership tools.


Featured Sponsors:

 


“Perception has always been that a lender can’t deliver it all – the best service, great technology, a true partnership, and have the best pricing too – but now they can have it all,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “We’ve shattered expectations. If a mortgage broker has a borrower with a 640+ FICO, it should be a UWM loan.”


Featured Sponsors:

 


UWM has removed all state adjustments and many Loan Level Price Adjustments (LLPA), as well, offering the best pricing on every loan with a 640 FICO and above.


Featured Sponsors:

 


The major pricing improvement follows other recent pricing initiatives that UWM has brought to market, including its Jumbo Bank Buster program (cheapest jumbo rates) and its lower Borrower-Paid M.I. rates.

UWM finished 2018 with $41.5 billion in total loan volume, an all-time high for the company, making up nearly a quarter of the entire wholesale industry’s market share. That production represents a 40% year-over-year growth, making UWM the fastest-growing lender in the nation. Additionally, UWM is the No. 1 non-bank purchase lender in the country and ranks fourth overall among the top-producing mortgage lenders, overall, in America.

Plaza Home Mortgage Adds New Disclosure Capabilities

Plaza Home Mortgage, Inc., a national wholesale and correspondent lender, announced that its BREEZE loan origination system now gives wholesale mortgage brokers a new option in generating both required disclosures and the LE at the point of sale.


Featured Sponsors:

 

 


Plaza mortgage brokers will now be able to initiate and send disclosures to a borrower along with the LE through the BREEZE system. The disclosures that will be sent to the borrower include Broker state and federal disclosures and Plaza lender state and federal disclosures, as well as a Fannie Mae 1003 Application. For FHA and VA loans, the 92900-A or 26-1802a forms and other required program disclosures will be included. Loan originators will have the option of electronically signing the Fannie Mae 1003 and other forms that require their signatures.


Featured Sponsors:

 


Once the disclosures and LE are received by the borrowers, they can consent and sign them electronically, and notifications will automatically be sent via email keeping the originator informed at each step. All documents are then automatically stored in BREEZE’s imaging system where originators can access and save for their record.


Featured Sponsors:

 


As always, mortgage brokers can continue to use their own systems to prepare disclosures and the LE or submit the loan to Plaza which will create and issue the LE to the borrower.

“At the end of the summer, we introduced our new Loan Estimate capability that lets BREEZE users create LEs in five minutes or less. Now we are adding disclosures to complete the digital experience for brokers and their clients,” said Jeff Leinan, executive vice president, National Wholesale Production at Plaza Home Mortgage. “In today’s competitive market, where every loan counts, technology enhancements and skilled Account Executives allow Plaza clients to offer a superior user experience and increase loan pull-through.”

Plaza Home Mortgage has scheduled mortgage broker training webinars on how to use its new disclosure capabilities on November 19 and November 27.

About The Author

Lender Launches Consumer-Facing Website Touting Benefits Of Working With Mortgage Brokers

United Wholesale Mortgage (UWM) has launched a consumer-facing website, FindAMortgageBroker.com, dedicated solely to promoting the advantages of working with a mortgage broker for borrowers as well as real estate professionals, and helping both groups easily locate mortgage brokers in their area.

Featured Sponsors:

 

 
UWM created the website to enhance awareness of mortgage brokers as a better option than large banks and mega retail lenders for three groups: consumers looking to get a residential loan; real estate professionals who want to build reliable partnerships and empower their clients; and bank or retail loan originators who are looking for the best place to work.

“Consumers are constantly inundated with advertising from banks and mega retail lenders that is only focused on interest rates, but there is more to a mortgage than the rate. More focus should be on finding the best program and lowest overall monthly payment for their specific needs, and the interest rate is only a small part of that,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “A local mortgage broker will educate consumers on the full picture, clearly lay out all the options available from multiple lenders, and help them find the best possible deal. FindAMortgageBroker.com gives consumers nationwide a platform to easily locate nearby mortgage brokers and learn about why they’re the best choice for getting a mortgage.”

Featured Sponsors:

 
In addition to serving as an educational guide of written and video content explaining the value of mortgage brokers, the website provides a nationwide database of mortgage brokers filtered by location.

“Mortgage brokers are the best way for people to get a mortgage, but it’s difficult for people to use a broker if they don’t know where to find one. This website will make it easy to find a mortgage broker that is local to them,” Ishbia said.

Featured Sponsors:

 
Investing in this website to ensure that borrowers are educated on why mortgage brokers are best further supports UWM’s commitment to growing the independent mortgage broker channel.

About The Author

United Wholesale Mortgage Brings On New Chief Strategy Officer

United Wholesale Mortgage (UWM) has hired Alex Elezaj as its Chief Strategy Officer. Elezaj most recently served as Chief Executive Officer of Troy, Michigan-based Class Appraisal, a nationally recognized leader in residential real estate appraisal management.

Featured Sponsors:

 

 
“We are thrilled to have such an amazing leader join our team, and his main focus will be aligned with UWM’s which is to help our mortgage broker partners grow,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “He is in total lockstep with our company from a leadership vision and culture standpoint, as he believes mortgage brokers are the best place for loan originators to work and for borrowers to get a mortgage.”

Under Elezaj’s three-year tenure as CEO of Class Appraisal, the company more than tripled its annual revenue and built strategic business partnerships with more than 300 mortgage lenders and over a thousand of the nation’s top-performing appraisers.

Featured Sponsors:

 
“What UWM has done over the last several years, growing at such an impressive rate despite market declines and entrenching itself as the run-away best wholesale lender in the country, is insanely impressive,” Elezaj said. “You can see UWM’s momentum and still-massive growth potential everywhere you look. I am excited to join such a great group of people and industry powerhouse, and play a role in its continued efforts to grow the mortgage broker channel.”

Elezaj has received several industry awards, including distinction as one of National Mortgage Professional’s “40 Under 40” honorees, Mortgage Professional America’s “Hot 100” selection, and a 2017 Vanguard award winner by HousingWire.

Featured Sponsors:

 
UWM has separated itself from other wholesale lenders recently, finishing as the No. 1 wholesale lender in America for the past three years in a row. In 2017, UWM grew its loan volume by 29%, outpacing every other retail and wholesale lender in the country. Through the first quarter of 2018, UWM continued trending upward, increasing production by 85% while the industry overall declined by 10%.

The company has long been recognized as the premier advocate for pro-broker initiatives, and has led the charge to nationally tout mortgage brokers as the best option for consumers.

Wholesale Lender Improves The Broker Experience

United Wholesale Mortgage (UWM), the No. 1 wholesale mortgage lender in the nation, has launched their newly designed, fully integrated website that was built to serve as a one-stop shop for mortgage brokers. Here’s the significance:

Featured Sponsors:

 

 
“A lot of research went into finding the content and tools that our clients most frequently look for online, and we built UWM.com to be the destination to fulfill all those needs,” said Mat Ishbia, President and CEO of UWM. “We’ve upgraded to an all-inclusive hub of information and resources that is relevant to everyone in the mortgage industry. Now, originators, owners and processors can spend less time searching the web for tools and news and focus more of their time on obtaining new business and providing exceptional service to their clients.”

Featured Sponsors:

 
The new UWM.com seamlessly integrates with UWM’s EASE loan origination system. The websites gives users one-click access to improved tools that enable them to start a loan, manage their pipeline, and grow their business.

Featured Sponsors:

 
The site also provides mortgage professionals with easy access to essential tools designed to make their jobs more efficient, all at no cost, including:

>>Pulling all-encompassing home value reports

>>Getting answers to guideline questions using the “Ask UWM” smart search engine

>>Monitoring current market trends with lock alerts

>>Comparing interest rates and fees between multiple lenders

>>Reading the latest mortgage industry news

To take a tour UWM’s new website and learn more about how it will centralize business practices of mortgage professionals, visit www.UWM.com.

About The Author

Wholesale Lender Automates To Expand Business Growth

MORE Lending has implemented Portfolio Producer from LoanScorecard as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution. Here’s why:

Featured Sponsors:

 

 
MORE Lending is the wholesale division of Synergy One Lending, a San Diego-based mortgage lender. Licensed in 42 states, MORE Lending offers a variety of non-agency loan products, including program options for foreign nationals, interest only, non-warrantable condos, and recent credit events such as deeds-in-lieu, short sales, and foreclosures.

Featured Sponsors:

 
Portfolio Producer is a sales distribution system that integrates with LoanScorecard’s AUS, Portfolio Underwriter, and PPE, Pricer1. It provides third-party originators (TPOs) access to a wholesale lender’s product and pricing options from within their loan origination system (LOS) or via the wholesale lender’s website.

Featured Sponsors:

 
Using Portfolio Producer, MORE Lending will be able to instantly distribute the guidelines and pricing for their non-agency loan programs to TPOs via Calyx Point and their website. TPOs can search based on borrower profile, product type, rate and price to provide eligible products and pricing options to potential borrowers. If they like an eligible product and fully-adjusted price, TPOs can run “upfront decisioning,” and get back an in-depth Findings Report. The report provides an early indication of the likelihood that MORE Lending will approve the loan and reduces the likelihood that the TPO will provide inaccurate quotes to the borrower.

“Our goal is to provide the broker community with an automated solution that allows them to learn about our non-agency, non-QM offerings and gives them greater confidence when sharing these financing options with their borrowers,” said Steve Majerus, President of MORE Lending. “LoanScorecard’s Portfolio Producer, combined with our first-class customer support, helps us differentiate our company among brokers and provide them with more options for their borrowers.”

About The Author

Open Mortgage Launches A Wholesale Program

Open Mortgage LLC, a provider of traditional and reverse mortgages throughout the United States, announced their expanded Wholesale Program for Traditional and Reverse (HECM) Channels.

Featured Sponsors:

 

 
“By joining the Open Mortgage Wholesale Program, partners have access to an extensive network of loan programs, training, marketing, and loan tools. These provide brokers with powerful benefits,” said Scott Gordon CEO, Open Mortgage.

Featured Sponsors:

 
The wholesale program offers a wide range of products such as FHA, USDA, VA, FHA DPA, HECM (Reverse) loans as well as Prime, Alt A (Non-QM Near Prime, Non-QM Non-Prime) with competitive rates and no lender fees (on wholesale transactions). It also provides fast underwriting, in-depth training, and a dedicated operations team to help partners grow their business.

Featured Sponsors:

 
“Open Mortgage’s top priority is to provide mortgage professionals with a wide range of products that meet their borrowers’ varying needs,” said Kevin McKnight, Vice President of Forward Sales Division, Open Mortgage.

“We have built a team with a main objective of building strategic programs that position partners to take advantage of the opportunities in their markets, said Sharon Falvey, Vice President of Reverse Sales Division, Open Mortgage.

Open Mortgage also hired experienced mortgage industry specialist Jerry Burleson to manage the Traditional Mortgage Wholesale Team. Upon joining Open Mortgage, Burleson said, “I am very excited to be part of a team that builds a terrific wholesale platform committed to providing the highest level of customer service.  I am thrilled to be part of this dynamic group.”

Brenley Gagnon, a mortgage and military veteran with more than 18 years in the marketplace, joined Open Mortgage, LLC, as a Regional Sales Manager for Wholesale Division of Home Equity Conversion Mortgages, commonly known as reverse mortgages.

“The reverse mortgage industry is misunderstood, and many brokers and clients don’t understand how these loans can change the lives of seniors for the better. It’s an exciting time to be in this industry. Open Mortgage has given me the opportunity to educate our brokers and clients about the reverse mortgage,” Gagnon said.

Parkside Lending Expands Jumbo Loan Program

Parkside Lending, LLC, a national wholesale and correspondent lender, announces it has expanded its Jumbo loan program and is now offering Jumbo mortgages (fixed rates or ARM options) with LTVs as high as 95 percent with or without mortgage insurance.

Featured Sponsors:

 

 
Unlike other Jumbo programs that feature high LTV with mortgage insurance (MI), Parkside Lending’s new Jumbo III offers both lender-paid and borrower-paid MI options. Borrower-paid MI allows the borrower to take advantage of less expensive mortgage insurance and does not stay on for the full life of the loan.

Featured Sponsors:

 
Parkside Lending provides four Jumbo products (Jumbo I, Jumbo III, Expanded Jumbo and Premier Jumbo), with robust guidelines and aggressive pricing.

Featured Sponsors:

 
“As a wholesale lender that doesn’t have a retail channel, our number one goal is to provide mortgage professionals with a suite of products for their borrowers’ varying circumstances. There are creditworthy borrowers that are underserved in the Jumbo market; therefore, we continue to enhance our Jumbo offering to meet the range of needs in the marketplace,” said Clint Rosenthal, Executive Vice President of Sales, Parkside Lending.

Lenders Innovate, Too

We always talk about technology vendors innovating, but lenders are innovating, as well. For Example. American Financial Resources, Inc., an approved Fannie Mae, Ginnie Mae and Freddie Mac seller/servicer, the leading sponsored originator for FHA 203k loans and one of the nation’s leading independent mortgage originators, has launched MyLoanCenter, a new B2B technology solution to streamline and improve the way brokers communicate with their customers.

Featured Sponsors:

 

 
MyLoanCenter is a free, mobile-optimized, white-label platform that facilitates real-time communication between the broker, borrower and lender, as well as effective monitoring of the loan at every stage of the process. It can help brokers better manage their client relationships and keep track of important transactions, while empowering the borrower by allowing them to remain constantly apprised of their loan status.

Featured Sponsors:

 
The platform offers a range of innovative features, which include:

>> Admin Control – highly customizable settings that allow brokers to apply personal branding to the platform interface, create and manage internal teams, edit branch permissions and more

>> Loan Pipeline and Pipeline Management – enables brokers to view and sort their existing loan pipeline, register new loans, access pricing, order appraisals and conduct a loan estimate review expeditiously

Featured Sponsors:

 
>> Loan Feed – provides brokers and borrowers alike with the opportunity to view real-time updates pertaining to the status of their loan, and any outstanding action items

>> Newsroom – helps users to remain abreast of pertinent news regarding regulatory updates, industry news and updates to the platform

>> Data Sync – MyLoanCenter enables instant upload of necessary client and broker documents

“Technology has transformed the lives of everyday Americans in recent years and, now more than ever, they require tools that simplify and streamline seemingly complex tasks such as applying for a mortgage,” said Bill Packer, CIO at American Financial Resources. “The development of this tool underscores not only American Financial Resource’s pioneering mindset, but its commitment to ensuring an optimal experience for both brokers and lenders.”

Parsippany, NJ-based American Financial Resources is a leading wholesale, correspondent, and retail mortgage originator and servicer of residential mortgage loans. AFR has residential mortgage banking licenses in all 50 states plus HUD, FHA, Fannie Mae, Freddie Mac, VA, Guaranteed Rural Housing and Ginnie Mae authority to underwrite and service mortgage loans. The Company’s wholesale/correspondent division serves a nationwide network of more than 1,000 wholesale/correspondent brokers making it one of the largest providers of these services in the country.

About The Author