Homepoint announced the launch of its new home equity line of credit (HELOC) product in 38 states and Washington, D.C., available through its network of mortgage broker partners. The Homepoint HELOC is a standalone line of credit, with a fixed interest rate determined at each draw and calculated using the stated index plus a margin. Eligible borrowers can access $20,000 to $400,000 of their home equity as a line of credit with either a five-, 10-, 15- or 30-year term, along with two- to five-year draw terms with no prepayment penalty while maintaining at least 15% equity in their home. The product is available on single-unit owner-occupied properties, as well as single-unit second homes and investment properties. The company plans to expand its list of HELOC-eligible states in the coming months.
Sharestates, a fintech platform designed to accelerate the redevelopment and rehabilitation of communities, announced the expansion of its loan limits to fund real estate developers seeking up to $75 million for multifamily, mixed-use and commercial development. The company’s loan programs include residential bridge, fix-and-flip, new construction, portfolio and rental loans.
Online mortgage marketplace Morty expanded its offerings with Federal Housing Administration loans, adding to an expansion that has thus far included Fannie Mae’s HomeReady program, jumbo loans, adjustable-rate mortgages and float-down options, as well as a 14-day closing program, Quick Close Advantage. More expansions are planned in the coming months, according to the company.
Greystone announced that its affiliate, Greystone Commercial Mortgage Capital, has formed a joint venture with Inlet Real Estate Capital to provide short-term, floating-rate capital solutions for commercial real estate owners. The joint venture will offer flexible, structured capital solutions such as first mortgages, mezzanine loans, preferred equity, common equity or a hybrid of multiple structures. The joint venture will target transactions ranging in size from $5 million to $50 million on assets located throughout the U.S.
MeridianLink completed its acquisition of OpenClose, a leading fintech provider of residential mortgage software solutions for banks, credit unions and independent mortgage lenders. The acquisition will lead to the integration of OpenClose’s LenderAssist and Consumer Assist platforms into MeridianLink’s products, which include the MeridianLink Mortgage (formerly known as LendingQB) digital loan origination system and PriceMyLoan pricing engine.
Movement Mortgage expanded its market share on the East Coast with the acquisition of Massachusetts-based Mortgage Network. The transaction is expected to add another $2 billion in annual mortgage volume to Movement’s origination platform while increasing the company’s national retail mortgage footprint by 250 employees and 31 branch offices. Movement expects to retain staff across the acquired branch network and integrate the business with its existing retail network of more than 550 branches and 1,500 loan officers nationwide.