Quontic Bank: Proprietary products are key to reverse mortgage success

Says this is where the opportunity lies in 2019
As the FHA's reverse mortgage product continues to see its volume decline, some lenders – like New York-based Quontic Bank – are setting their sights on non-agency proprietary reverse mortgages to recapture market share. "I really think that’s where the future of this product is," said Quontic CEO and Chairman Steven Schnall. "Keep the federal government out of it and let the free market do its thing."
Read More

Appraisal tech startup Reggora raises $3 million in seed funding

Claims it can “streamline the appraisal process”
Reggora, a Boston-based startup that claims its software can “streamline the appraisal process,” now has $3 million in its coffers to help grow it business. According to the company, its software “condenses and streamlines appraisals by automating traditionally manual processes such as finding appraisers, scheduling appraisal inspections and reviewing the final appraisal product.”
Read More

These are the best housing markets to pay off debt

Consumer debt reached $4 trillion in 2018
In 2018, American consumer debt reached a whopping $4 trillion, contributing to tightening affordability concerns in the housing sector. LendingTree recently released a report that highlighted the best U.S. metros for paying off debt. Find out which cities made the cut.
Read More

Supreme Court rejects Texas bank challenge to CFPB

Claimed CFPB’s “unprecedented, unchecked power” violates Constitutional separation of powers
The Supreme Court declined to hear a Texas bank’s constitutional challenge to the structure of the Consumer Financial Protection Bureau on Monday. The State National Bank of Big Spring, Texas, claimed the CFPB’s “unprecedented, unchecked power” violates the Constitution’s separation of powers.
Read More

Fintech company Plaid boosts capabilities by acquiring competitor Quovo

Reportedly spending $200 million in deal
Last month, Plaid, a technology platform that connects various applications with users’ bank accounts and has a growing presence in the mortgage space, raised $250 million in its Series C funding round that pegged the company with a reported valuation of $2.65 billion. At the time, the company said that it planned to use the money to expand. And now, the company is using much of that money to do just that by acquiring one of its competitors.
Read More

American homeownership tenure is climbing

What does this mean for the housing market?
Americans are remaining in their homes longer than ever before, and recent data indicates that homeownership tenure has risen 10% just from 2017. But why are homeowners staying put and what does that mean for the housing market's future?
Read More