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Industry Watch: Rocket Mortgage goes racing, loanDepot secures stadium naming rights and more

American Dream Mortgage (ADM), a division of Finance of America, has revised its Nightingale Advantage Program, tailored for borrowers who work in the medical field, as first responders, or are active or retired military. The company has added a 1% closing credit which can be applied directly toward closing costs or used to buy down the interest rate of the loan, done directly through a loan executive at the time of closing. It’s the newest addition to the Nightingale Advantage Program, which was established by ADM in 2017.

Sprout Mortgage has launched its new “BROKER AdvantEDGE” program, a series of operational improvements that will help brokers “enhance the borrower experience and expand their business.” The program will continue to evolve over 2021 and beyond, with the first phase, which rolled out April 1, focused on streamlining fee management. Through this feature, Sprout says that brokers “can gain increased accuracy by controlling data input, immediately access compliance results prior to loan submission, fill out fewer forms and worksheets, and preview loan estimates before submitting loans for disclosure.”

Spruce has announced the launch of its new underwriting model, offering a fully underwritten title commitment “in minutes,” according to a press release. Benefits of the new model, according to Spruce, include fast turn times, process efficiency, consistent accuracy via predictive modeling capabilities, and increased transparency leading to faster customer service response times. The new underwriting model is being launched in conjunction with Spruce’s partnership with American Digital Title Insurance Company. The model has initially launched in Colorado and Arizona, with additional states to follow throughout the year.

A&D Mortgage has launched its new Prime Jumbo loan product, an automatic underwriting system (AUS)-only loan with a 30-year term for up to $2 million for a primary home, second home or investment property. Terms include up to 89.99% loan-to-value (LTV), a minimum FICO score of 660 and no mortgage insurance requirement. The product is available for purchases and refis, both rate/term and cash-out, with delayed financing available for up to 180 days.

Guild Mortgage has expanded into Ohio with two new offices, its first locations in the state. The new Columbus location, located at 8720 Orion Place, Suite 300, is led by branch manager Aric French. The new Dayton branch, located at 1458 Yankee Park Place Suite A, is led by Nick Angelo.

Greystone and Housing Association of Nonprofit Developers (HAND) have launched Equity in Action, a partnership to increase access to working capital for real estate developers and investors in the Black, Indigenous, and Person of Color (BIPOC) community. As part of an exclusive Greystone benefit to HAND, BIPOC developers will gain direct access to advisory and financing solutions for affordable housing construction, refinancing, recapitalization and acquisition in the District of Columbia and surrounding areas.

Top of Mind Networks has announced an integration between its Surefire customer relationship management (CRM) platform and LendingPad’s suite of loan origination products. The new direct integration enables real-time sharing of contact records and loan milestones between LendingPad and Surefire CRM, which in turn allows lenders to automate the delivery of personalized interactive communication to homebuyers. The system can also automatically remind applicants who need to submit documents to complete their loan applications, as well as keeping stakeholders up to date on a loan’s status at every stage in the process.

Hometown Lenders has added a branch in Colorado Springs, the company’s 92nd location nationwide. Shanon Schinkel will serve as branch manager. Based in Hunstville, Alabama, Hometown currently does business in more than 40 states.

Rocket Mortgage has announced that it will serve as the primary sponsor of the No. 16 Paretta Autosport Chevrolet, driven by Simona de Silvestro, in this year’s Indianapolis 500. The team is the first-ever entrant in the iconic race that is both female-owned and female-driven.

LoanDepot has secured naming rights of the Miami Marlins’ ballpark, which will now be known as “loanDepot Park.” It’s the latest foray into baseball for the California-based lender, which was named the “official mortgage provider of Major League Baseball” and a presenting sponsor for both the American League and National League Championship Series earlier this month.

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