The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Mortgage

Movement Mortgage premieres zero down mortgages for first-time homebuyers

Gives non-repayable grant provided by Movement Mortgage

Movement Mortgage announced a new down payment assistance program for first-time homebuyers that allows borrowers to put nothing down on a home.

To make it so homebuyers put 0% down but still have equity, Movement Mortgage said it will provide grants up to 3% of a home's sales price, thus creating 97% conventional financing.

The Movement Assistance Program combines a non-repayable down payment grant provided by Movement Mortgage with a 30-year conventional loan.

Movement Mortgage emphasized that borrowers do not have to repay the grant, and it comes with no second loans, liens or promissory notes.

Movement Mortgage isn’t the first lender to dabble in low down payment assistance programs.

Other lenders, such as Quicken Loans and Guaranteed Rate, have also come out with down payment assistances programs through grants. Plus, Fifth Third Mortgage around this time last year announced a zero down payment mortgage program.

In order to qualify, first-time homebuyers must meet specific income and asset criteria based on need and median income in their geography.

Meanwhile, the program also provides access to job-loss insurance coverage for non-self-employed borrowers for two years.

The benefit covers up to six monthly mortgage payments due to involuntary unemployment, with a maximum monthly benefit of $1,500 ($9,000 total benefit over coverage period). However, borrower must opt in.

"MAP will help more families become homeowners by providing assistance with the upfront costs of home buying," Movement Mortgage Co-Founder and CEO Casey Crawford said. "This is a program our entire Movement community takes great pride in offering. It's one more way we are leading a Movement of Change in our industry and communities."

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