Amazon is committing another $1.4 billion to the Housing Equity Fund, aimed at preserving or creating more affordable housing around Seattle; Nashville; and Arlington, Virginia, where the e-retail giant has a corporate presence. The fund was launched in January 2021, providing $2.2 billion to add or preserve 20,000 affordable properties in the three markets within five years. The new infusion is earmarked for an additional 14,000 homes, bringing the total to more than $3.6 billion funding over 35,000 affordable homes.
Interlinc Mortgage has announced that president and CEO Gene Thompson has acquired majority ownership of the company. Thompson has been with Interlinc for 16 years.
The National Association of Mortgage Brokers (NAMB) and the National Association of Minority Mortgage Bankers of America (NAMMBA) have announced a new strategic alliance aimed at promoting diversity, equity and inclusion within the mortgage industry. The two groups will co-promote each other’s annual conference, as well as collaborate to influence industry standards and public policy to represent the needs and voices of minority professionals. Furthermore, the alliance will conduct initiatives to identify and address barriers to entry and advancement for minority professionals, providing actionable insights to guide industry practices. Community outreach initiatives aimed at improving financial literacy, promoting homeownership and supporting minority communities through targeted programs and resources will also be a key focus.
Guaranteed Rate has announced the launch of its first Residential Mortgage-Backed Securities (RMBS) deal of 2024. The move, according to a statement from Guaranteed Rate, marks the company as the first retail non-bank lender to re-enter the securitization space with a prime jumbo deal since the pandemic.
Fintech platform Figure Technology Solutions has announced the launch of Figure Connect, a blockchain-based multi-seller, multi-buyer marketplace of private credit loans. Figure Connect’s initial partners include The Loan Store, Movement Mortgage, Bayview Asset Management and Saluda Grade.
Rithm Capital Corp., the parent company of NewRez, and REIT Great Ajax Corp. have completed their previously announced transaction, with Great Ajax entering into a management agreement with an affiliate of Rithm to serve as Great Ajax’s external manager. The companies plan to transition Great Ajax from a legacy residential loan platform into an opportunistic vehicle focused on commercial real estate. With the completion of the transaction, Rithm purchased 2.9 million shares of Great Ajax common stock, pursuant to the terms of a stock purchase agreement.
New American Funding has announced the launch of NAF Black Impact, formerly known as NAF Dream. NAF Dream launched in 2016, focusing on loan officer recruitment, education, and efforts to expand Black homeownership. Acknowledging the ongoing success of the program, NAF is renaming the program to signify the company’s commitment to taking direct, action-oriented steps to address credit accessibility and promote sustainable and equitable homeownership for Black individuals and communities. NAF has committed to extending $20 billion in new mortgages to Black homebuyers by the year 2028.
Opendoor has announced a new partnership with My State MLS, providing My State members a rapid cash offer on qualifying properties to present to their clients. My State MLS agents representing a home seller can enter a property address in My State MLS. If eligible, they will answer a few questions about their client’s home and, within minutes, will receive an estimated cash offer from Opendoor. Agents can choose to either refer their client to Opendoor or represent their client throughout the transaction.
Adfitech has rebranded as Mortgage Connect Risk Solutions, a name that reflects its place under the umbrella of its parent company, Mortgage Connect LP. Mortgage Connect acquired Adfitech in 2022 to expand its presence in the third-party due diligence market.
