Industry Watch: AllyHome launches refi program, New Rez adds ARMs and more

Newrez has enhanced its Dream Big and non-qualified mortgage product suites with the launch of new adjustable-rate mortgage loan products. Available as 5-, 7- and 10-year ARM options, the new loan products are now offered across the company’s Direct to Consumer, Joint Venture and Wholesale lending channels as part of the Dream Big product suite. Newrez’s Non-QM product suite, known as its SmartSeries, are offering ARMs across Wholesale and Joint Venture.

Ally Home has announced the launch of RefiNow, a home financing option to better serve borrowers who struggle to qualify for other refinancing options. The program is available to borrowers with a Fannie Mae-backed mortgage looking to refinance a single unit, principal residence. To qualify, borrowers must have a current income at or below 80% of the applicable area median income for the subject property’s location. RefiNow also requires loan-to-value ratio of 97% or less, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score. Additional eligibility requirements include a reduction in the homeowner’s interest rate by at least 50 basis points and a minimum of $50 in monthly mortgage payment savings. Borrowers who qualify for the RefiNow program will not be charged an appraisal fee.

Stewart Information Services Corporation has announced the acquisition of Title First Agency, Inc. Headquartered in Westerville, Ohio, Title First has office locations in Ohio, West Virginia, Indiana, Illinois, Michigan and Texas, and is licensed to operate in 34 states with strategic partnerships throughout the country.

SitusAMC has announced that String Real Estate Information Services, the largest title search firm in the United States, has been integrated into SitusAMC and will now be referred to as SitusAMC Title Production Services. String was acquired by SitusAMC in March of 2019 and has operated as a wholly owned subsidiary of the firm.


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