Industry Watch: Better expands title services, new qualification options at Deephaven and more

Better has expanded its title insurance services to Virginia, with the state licensing Better Settlement Services (BSS) as a title insurance provider for refi transactions. Virginia marks the 24th state in BSS’ nationwide expansion, and follows the launch of Better’s mortgage business and homeowners insurance offering — Better Cover — in the state.

BJ’s Wholesale Club and moving company SIRVA Inc. are launching a mortgage program dubbed SIRVA Home Benefits, which will offer financing and home services to BJ’s warehouse club members. Mortgages will be offered through SIRVA Mortgage, which offers conventional, FHA, jumbo and veterans loans programs. Benefits, according to a press release, include fast pre-approval and up to $2,000 closing cost credit on home purchases or refinances.

Deephaven has announced progressive new income qualification options to enable brokers and correspondents to compete for more credit-worthy borrowers who are locked out of agency mortgages. The company’s new asset utilization calculations determine qualifying income based on a broad range of assets—including personally held stocks, bonds, mutual funds, vested amounts of retirement accounts and personal bank accounts. Deephaven offers two alternatives. The first, Total Asset Calculation, offers mortgages for borrowers whose assets cover the new loan amount, down payment, closing costs, required reserves and five years of current monthly obligations. It is not necessary to disclose their employment or total income on a 1003 Form. For the second, Debt Ratio Calculation, borrowers must at minimum have the lesser of (a) 1.5 times the loan balance or (b) $1 million in qualified assets, both of which must be net of down payment, closing costs and required reserves. Monthly income is calculated by dividing net qualified assets by 84 months. Both alternatives are offered only under Deephaven’s Expanded-Prime program and are not available for cash-out transactions.

Rocket Mortgage sister company Rocket Homes has announced that its growing home search tool now includes listings from all 50 states. According to a press release, in addition to housing information on every major metropolitan area across the country, the home search tool also provides “exclusive data-rich intelligence to ensure buyers are fully informed before making an offer on the home of their dreams.” Rocket Homes also offers a Partner Agent Network of real estate professionals that consists of thousands of agents in more than 3,000 counties.


More Headlines