LoanDepot is shuttering its wholesale mortgage business, the California-based lender announced.
CMG Financial announced the launch of a new retail division branding, dubbing the division “CMG Home Loans.” The new name and corresponding slogan — “Home Loans, Simplified. Trusted. Committed.” — suggest a more dedicated approach to consumers by offering them more direct access to resources. CMG Financial’s retail division, established in 1993, is the longest standing channel in the company’s history.
Panorama Mortgage Group (PMG) announced that Lone Peak Lending joined the PMG family of companies. Lone Peak Lending is a full-service lender currently active in Texas.
Freddie Mac announced new added enhancements to its HFA Advantage mortgage, a conventional loan that is available exclusively to housing finance agencies (HFAs). To help qualify more borrowers, Freddie has upgraded the product by permitting the delivery of HFA Advantage mortgages secured by two- to four-unit primary residences with maximum 95% loan-to-value (LTV) and 105% total loan-to-value (TLTV) ratios. HFA Advantage mortgages secured by manufactured homes also been permitted with maximum 95% LTV and 95% TLTV ratios. Furthermore, the government-sponsored enterprise now allows nonoccupying borrowers for these loans.