Industry Watch: CMG raises loan limits, UWM won’t extend cryptocurrency pilot and more

CMG Financial announced an increase in the conforming loan limits for all property types, including owner-occupied homes, vacation homes and investment properties, honoring 2022 conventional loan limits as of Oct. 12. The company raised the maximum conforming loan amount for the contiguous U.S. and the District of Columbia from $548,250 to $625,000 on single-unit properties. For two-unit properties, the limit was raised to $800,250, and for three- and four-unit properties, the new ceiling is $967,250. For high-cost areas, including Alaska and Hawaii, the maximum loan amount was increased to $937,500 for one-unit properties, $1,200,375 for two-unit properties, and $1,450,875 for three- and four-unit properties.

Subsidiaries of The Global Atlantic Financial Group acquired majority ownership of eRESI Mortgage. Moving forward, eRESI Mortgage will continue to operate under a newly formed entity, eRESI Capital LLC, led by CEO Gregory Tsang and President Tim Wang.

SimpleNexus announced the debut of Nexus Pay, a tool that enables mortgage applicants to seamlessly pay for any mortgage-related charges. Payments such as appraisal fees, credit checks and more can be fulfilled in the same mobile hub that borrowers use to receive loan status updates, e-sign documents, collaborate with loan officers and Realtors, and complete other loan-related tasks. The product will be demonstrated at the Mortgage Bankers Association’s annual conference.

United Wholesale Mortgage (UWM) is now accepting its first-ever cryptocurrency-based mortgage payments, taking one in September and another five in October from borrowers. The transactions were successful, according to a statement from UWM President and CEO Mat Ishbia, although he added that “due to the current combination of incremental costs and regulatory uncertainty in the crypto space, we’ve concluded we aren’t going to extend beyond a pilot at this time.” Per UWM, however, the company will continue to monitor cryptocurrency, the use of blockchain technology and opportunities for future use.

Interfirst Mortgage Co. raised $175 million in investment funds via a special-purpose vehicle led by principals from StoicLane. Investors included Oaktree Capital Management, MFA Financial Inc., family offices and others.


More Headlines