Newrez announced it is targeting a February launch to recognize cryptocurrency assets for mortgage qualification across its Smart Series suite of non-qualified mortgage (non-QM) products. The Pennsylvania-based lender and servicer claimed in a press release to be the first company among the top 25 lenders in the country to allow crypto assets to be used without prior liquidation for loan qualification.
A company spokesperson noted in an email to Scotsman Guide that there will be an adjusted market valuation applied to eligible crypto holdings to “reflect the behaviors of the individual crypto assets to ensure that we are recognizing them while applying prudent lending standards that account for market volatility.”
Types of crypto assets that will be eligible under the Newrez offering include bitcoin, ethereum, exchange-traded funds backed by bitcoin or ethereum that have received Securities and Exchange Commission approval, and U.S. dollar-backed stablecoins.
Newrez also announced a strategic investment in mortgage technology firm HomeVision to develop an AI-powered underwriting platform. Building on their current use of HomeVision’s MIRA technology for collateral reviews, the companies aim to create an industry-first, end-to-end solution that automates income, asset and credit underwriting.
The National Association of Mortgage Brokers (NAMB) and the Broker Action Coalition (BAC) announced they will co-host an advocacy summit in Washington, D.C., on April 20-22, marking the first time the mortgage trade groups have collaborated on a joint event. Titled “Advocacy in Action: Better Together,” the event will let attendees engage face to face with members of Congress and their staff to discuss issues impacting mortgage brokers and homebuyers.
PNC Bank completed its acquisition of FirstBank, a transaction that expands PNC’s retail and commercial banking network. The integration of FirstBank’s operations is expected to bolster PNC’s mortgage and consumer lending divisions in key growth markets, following regulatory approvals secured late last year.
First Federal Bank announced a definitive agreement to acquire NOLA Lending Group, the mortgage division of New Orleans-based Fidelity Bank. The strategic acquisition expands the Florida-based bank’s retail footprint into Louisiana and Mississippi while strengthening its existing operations in Florida.
Ideal Mortgage, a Denver-based correspondent lender and brokerage, announced it has joined BlackFin Group’s Preferred Partner network. The partnership allows Ideal Mortgage to leverage the management consulting firm’s resources to support national expansion and operational scaling efforts as it seeks to grow its loan officer teams.
Guild Mortgage selected the LoanBeam NQM platform from LoanLogics to automate income analysis for its non-QM portfolio. The platform uses artificial intelligence to convert borrower bank statements into structured data, a move intended to streamline the income verification process.
Friday Harbor completed an integration with Fannie Mae’s Income Calculator to enhance its AI-driven underwriting platform. The integration enables lenders to automate the calculation of qualifying income, particularly for complex self-employed and variable-income borrowers.
Snapdocs announced a new integration with MeridianLink that enables lenders to originate and digitally close home equity lines of credit and home equity loans directly within the MeridianLink Consumer platform. The integration supports hybrid, e-note and fully remote online notarization closings.
Titl, a Miami-based proptech firm, secured $2.5 million in seed funding led by Cofounders Capital and Fit Ventures. The company uses artificial intelligence and blockchain technology to automate title searches and property verification, aiming to significantly reduce research time while mitigating fraud risks.
