The rash of lending industry data breaches continues, with Fairway Independent Mortgage Corporation filing notice of an incident with the Attorney General of Massachusetts earlier this month.
Rocket Companies has informed loan originators that it will be “winding down” Rocket Pro Originate, the conglomerate’s origination partnership program geared towards real estate agents, insurance agents and other financial professionals. The last day to submit new mortgage applications to Rocket Mortgage will be March 29, and loans in the pipeline must close by June 28. Originators impacted by the change have been informed that Rocket is not revoking their license; rather, Rocket will be “removing sponsorship” of the license, and originators will be unable to originate new mortgages without a license sponsor. If an originator has a client in process after March 29, the originator’s license will continue to be sponsored by Rocket until the loan closes or by June 28, whichever comes first.
Newrez has announced the launch of Newrez Home Rewards, created in partnership with Newzip, a tech-enabled real estate platform. Through Newrez Home Rewards, homebuyers will be matched with a home advisor, provided moving assistance, and offered closing cost credits up to 0.5% when buying and 1% when selling their homes.
Haus Capital Corporation has announced a strategic partnership with Calque to provide a new product dubbed “The Trade-In Mortgage.” With The Trade-In Mortgage, homeowners have the option to utilize the equity in their current home as a downpayment for their next home, presenting the opportunity to make a non-contingent offer on par with cash. The product also allows a homeowner to buy and move into their new home before they sell their current one.
Motto Mortgage has a new office in Meridian, Mississippi, located at 607 22nd Ave. Dan Derrington will serve as the mortgage loan originator for the office.
