Mortgage rates, loan limits and forbearance

We cover the increase in conforming loan limits for Fannie and Freddie and what forbearance numbers and record-low rates could mean for the housing market.

Untying business growth from the housing market cycle

Lenders need business growth that is not linear and is not tied to the market cycles – leveraging automation technology can help.

The practical use of AI for LOs

The combination of tightly-packed schedules and intensive oversight means augmenting loan officer’s efforts with intelligent systems is more relevant than ever.

HousingWire's 2020 Tech Trendsetters

This year’s list of Tech Trendsetters certainly earned their status as the industry was met with incredible challenges and new opportunities.

Fintech

Mortgage Tech Rundown: Nexsys, Origence, and Keller Williams

The latest in mortgage and real estate technology

Nexsys Technologies, a provider of technology solutions for mortgage origination and closing, announced the launch of a new solution that digitizes communication between mortgage lenders and homeowners insurance companies.

The solution, Clear HOI, enables insurers to instantly verify coverage, resulting in dramatically improved closing times and reduced processing costs. According to the company, two major insurance providers – Allstate and MetLife Auto & Home – have already begun to integrate the tool into their processes.

“In today’s technology-driven world, there is no reason a lender should have to use Alexander Graham Bell’s 143-year-old invention to contact an insurance agent to ask for documents, nor should those agents spend valuable time chasing down these requests. Both of their time and skills are better used to advise and assist their clients,” said Mike Lyon, executive vice president of Nexsys Technologies. “We look forward to working with our lender and insurer partners to transform this decades-old process into one that is instant and accurate.”

Origence, a provider of lending technology and solutions to the financial services industry, announced its mortgage lending platform received approval to participate in Fannie Mae‘s Day 1 Certainty program.

Fannie Mae’s Day 1 Certainty initiative provides lenders with enhanced loan origination controls, improved processes and certainty around the borrower’s assets, income and employment information, as well as relief from representations and warranties on validated loan components, according to the company.

By automating the verification process, Origence said its platform not only enables lenders to close loans faster but also helps them improve their borrowers’ experiences.

“The ability to achieve Day 1 Certainty is a crucial advantage for lenders who must meet new consumer expectations for a faster, simpler mortgage experience,” said Roger Hull, president, and chief product officer for Origence. “Our Day 1 certification ensures our clients will be able to deliver faster responses to borrowers while eliminating an enormous amount of manual effort behind the scenes. At the same time, they get a state-of-the-art platform that maximizes automation, so they can close loans faster and at a lower cost.”

Keller Offers, the iBuyer offering of Keller Williams, announced plans to launch its latest iBuying program for consumers in Birmingham, Alabama, in partnership with real estate technology company OfferPad.

According to the company, the partnership enables consumers the freedom of working with a certified KW iBuyer agent when choosing Keller Offers powered by Offerpad. While Birmingham’s program is set to launch during the first quarter of next year, the program is operational or will be fully within weeks, in Atlanta, Austin, Charlotte, Dallas, Houston, Las Vegas, Orlando and more.

“Our agents are excited and ready to meet the demands of consumers in Birmingham with our robust iBuyer offering,” said Gayln Ziegler, director of operations, Keller Offers. “And, this launch is the start of the next phase in our expansion. This partnership enables us to provide an iBuyer offering to more consumers, in more market sizes, while leveraging KW’s No.1 agent count footprint within the U.S.”

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The mismatch in the COVID deflationary impact toward the economy overall and the strength of the housing market due to demographics makes for a troubling formula for home-price growth, which we are seeing. The recent NAR existing home sales report showed 15.5% year-over-year growth in prices. HW+ Premium Content

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