Finance of America Reverse has announced plans to consolidate its American Advisors Group (AAG) and Finance of America Reverse (FAR) brands under the single brand name, Finance of America. The change is generally expected to take effect in the third quarter of 2024 and will remain subject to regulatory considerations in certain jurisdictions.
User error at ICE Mortgage Technology appears to be the reason behind hundreds of thousands of messages being unintentionally transmitted to real estate professionals and clients nationwide on Monday. More than 600,000 texts and emails that included a loan officer’s promotional and contact information were inadvertently sent out via ICE’s Surefire customer relationship management (CRM) platform. ICE addressed the mix-up the following day, telling clients that the Surefire platform had been returned to “normal operation.”
Mortgage fintech Polly has unveiled a new artificial intelligence (AI) platform, dubbed Polly/AI. The launch introduces AI embedded directly within the company’s next-generation product and pricing engine (PPE), along with a interactive copilot for loan officers. Polly/AI is currently in closed beta with a number of mortgage lenders, including New American Funding and Movement Mortgage.
Panorama Mortgage Group (PMG) has announced the launch of proprietary loan program for first-generation, first-time homebuyers with 1% downpayment and 2% grant downpayment assistance, known as the 1st Generation Homebuyer or “1st Gen” loan program. There are no property location or census tract constraints, which makes the program eligible within PMG’s nationwide footprint.
Fannie Mae has announced new enhancements to its Income Calculator tool that will help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don’t have traditional sources of income. The new web interface provides an additional, free avenue to access Fannie Mae’s existing Income Calculator functionality, which the company introduced in 2023.
Roam, which offers assumable mortgages to homeowners in over a dozen markets nationwide, has introduced Roam Boost, a new partnership with Spring EQ. Assumable mortgages are a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller. Roam Boost gives buyers the option to add a second mortgage, helping buyers achieve a blended rate typically between 4-5%. Roam also announced it has expanded to additional markets, including Chicago; Jacksonville; and Tucson, Arizona.
Private lender Kiavi has announced it has closed a $300 million unrated securitization of residential transition loans. This marks Kiavi’s 17th transaction under its LHOME shelf, bringing the company’s total issuance to more than $4.3 billion in offered notes since it began its securitization program in 2019.
