Lending

Housing industry embraces fintech to drive down mortgage closing times

Homebuyers are closing on their home loans 11 days faster than they were in 2018
As financial technology continues to take the mortgage industry by storm, LendingTree indicates homebuyers are now taking a considerably shorter time to close on their home loans. According to the company’s recent analysis, homebuyers are now getting into their homes 11 days faster than they were in 2018. And what's driving those closing times down? Technology, of course.
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Guaranteed Rate appoints new chief financial officer

Prior to joining the company, Suk Shah served Avant as its CFO
In a move to increase its revenue growth, retail mortgage lender Guaranteed Rate recently hired Suk Shah as the company’s new chief financial officer. In his new role as CFO, Shah will be responsible for overseeing Guaranteed Rate’s profitability and efficiently, all while supporting the company’s growth efforts.
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CrossCountry Mortgage expands by acquiring bemortgage and PERL Mortgage

Lending companies will operate under CrossCountry umbrella
CrossCountry Mortgage, a mortgage lender based in Ohio, is expanding its operations, announcing this week that it has acquired both bemortgage and PERL Mortgage. bemortgage launched in 2017 as a division of Bridgeview Bank Group, but the company moved last year to become a division of CrossCountry Mortgage. CrossCountry acquired PERL Mortgage more recently, closing on the deal in March 2019.
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VA loan limits to be lifted in 2020

VA says lender guidelines will be released ahead of January effective date
Last month, President Donald Trump signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit, enabling VA homebuyers to borrow above the $484,350 limit set for most counties, without any down payment. A VA spokesperson clarified the rule and outlined other changes that will go into effect as a result of the bill.
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Fannie Mae, Freddie Mac are building non-LIBOR adjustable-rate mortgages

GSE officials pledge to roll out new product by 2021's LIBOR expiration
Seven years after traders were caught boasting in emails and instant messages about cracking open bottles of champagne to celebrate their ability to manipulate the London Interbank Offer Rate, or LIBOR, the Federal Reserve issued a report with the framework for issuing new ARM mortgages based on a U.S. index. Now, Fannie Mae and Freddie Mac are preparing for non-LIBOR ARMs.
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Calyx appoints new national sales consultant

Robert Shumake has nearly 20 years of sales experience in the fintech industry
Calyx recently appointed Robert Shumake as its new national sales consultant. As such, Shumake will be responsible for developing sales strategies for the company’s cloud-based digital loan origination system, Calyx Path. Calyx Director of Marketing Patrice Power said Shumake's extensive experience in the mortgage and technology space means he truly understands customer challenges and how to best address them.
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