Lending

Better Mortgage becomes billion-dollar originator

Saw 400% year-over-year increase in users
Online lender Better Mortgage, which launched in January 2016, recently surpassed $1 billion in mortgage originations. According to data provided by the company, Better Mortgage claims it was the third fastest online lender to reach $1 billion in originations, trailing only Goldman Sachs’ Marcus and SoFi.
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Fannie Mae forecasts 2.7% real GDP growth in 2018

Hikes mortgage interest rate prediction
Fannie Mae announced it is forecasting strong economic growth with 2.7% real gross domestic product growth in 2018. "While our 2018 growth forecast remains unchanged, upside and downside risks are emerging that are contingent on policy influences."
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Sitting Cook County judge convicted in mortgage fraud scheme

Timetable on removal from office unclear
A sitting Cook County, Ill. judge is facing removal following a conviction in a $1.4 million fraud scheme. Judge Jessica Arong O'Brien, who was elected to the bench in 2012, was convicted Thursday on two counts of fraud for scamming several different lenders through the purchase of two properties on the city’s South Side prior to becoming a judge.
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These are the best places to work in housing finance

Can you guess who made the top of Fortune’s list?
Each year, Fortune Magazine names the top 100 best places to work, and these are the companies that made the list from the housing finance industry. While some companies are new to the list, others are celebrating years, or even decades, as one of America’s best places to work.
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Senior execs at Vanguard Funding admit to embezzling $8.9 million

CFO and COO plead guilty to using warehouse loans for personal expenses
The former chief operating officer and chief financial officer of a New York mortgage lender admitted in court this week that they conspired to misappropriate more than $8.9 million from warehouse lines of credit that were meant to fund mortgages. Each now faces up to 20 years in prison.
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House approves changes to TRID rule, loan originator licensing rules

Bill brings changes to SAFE Act rules for nonbank originators
The House of Representatives last night approved a bill that could bring big changes to the mortgage industry, including making it easier for loan originators to move from a traditional bank to a nonbank. The bill would also bring changes to the CFPB’s TRID rule. Here are the full details.
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Roostify raises $25 million to fund growth of digital lending platform

Powers digital mortgage process for JPMorgan Chase, others
Roostify, which powers the digital mortgage process for lenders like Guild Mortgage and will soon serve as the backbone of JPMorgan Chase’s digital mortgage process, announced Thursday that it raised $25 million in its Series B funding round. The company plans to use the money to accelerate its growth.
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Freddie Mac: Mortgage rates surge to highest level since 2014

Follows news of higher-than-expected inflation levels
Mortgage rates continue to surge and have now reached their highest levels since 2014 following the news of higher-than-expected inflation levels. Freddie Mac explained inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year.
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Mobile digital mortgage platform StreamLoan raises $2 million in seed capital

Company founded in 2015
StreamLoan, a tech company that provides a mobile-focused digital mortgage platform, announced this week that it raised $2 million in seed capital to fund its growth. According to the company, its seed round investors included Acorn Pacific Ventures, Whitespace Capital, Steve Weston, the former CEO of Barclays Mortgage Bank, and Rajiv Krishnarao, the director of finance at Uber.
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Built Technologies integrates with Black Knight to revolutionize construction lending

Digital documents increase modernization and transparency
Built Technologies continues to seek to revolutionize the construction industry with its new integration with Black Knight’s LoanSphere platform for digital construction loans. Built explained that with its integration with Black Knight, any construction loan can be digitally managed throughout the loan life cycle – from origination through servicing.
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