Cardinal Financial has issued and traded the first ever government-issued mortgage-backed securities (MBS) pool of loans assessed using the new FICO 10T credit score.
A&D Mortgage has announced the launch of the AI Guideline Assistant, a new feature within the A&D Bot platform that delivers real-time responses to guideline queries. Leveraging data insights from a diverse underwriting data set, the AI Guideline Assistant quickly evaluates key loan criteria, helping brokers better understand eligibility and potential risk factors for both conventional and Non-QM loans.
Wells Fargo has announced that it will offer $10,000 Homebuyer Access grants that will be applied toward the downpayment for eligible homebuyers who currently live in or are purchasing homes in certain underserved communities in 12 new metropolitan areas: Anaheim, California; Buffalo; Denver; Kansas City, Missouri; Los Angeles; Memphis; Oklahoma City; Omaha, Nebraska; Oxnard-Thousand Oaks, California; Pittsburgh; San Diego; and Salinas, California. Homebuyer Access grants are available to homebuyers who earn a combined 120% or less of the area median income in the county where the subject property is located. The grant funds can be used toward the downpayment on a Wells Fargo fixed-rate conventional loan secured by a property that will be the purchaser’s primary residence.
United Wholesale Mortgage (UWM) has had a busy week, announcing an offering of $800 million in senior notes and a “60 bps for 60 Days” pricing promotion.
Rocket Mortgage has sued the U.S. Department of Housing and Urban Development (HUD), seeking to drop an October Department of Justice suit involving appraisal bias.
Splitero has announced a capital commitment from funds managed by Blue Owl Capital. Blue Owl’s Alternative Credit strategy funds will buy up to $350 million of home equity investments. In addition, Splitero also announced that its home equity programs are now available in Tennessee and Virginia.
