First Guaranty Mortgage Corp. announced the launch of a standalone second-lien mortgage program. The program, known as Explorer Equity, is specifically designed to increase opportunities for homeowners who would like to access the equity in their homes without disrupting the rate they may have previously locked in on their primary mortgage. Explorer Equity is currently limited to a standalone offering, although the company plans to offer a piggyback option in the future. Guidelines and parameters include a minimum credit score of 680, up to 100% combined loan-to-value (LTV) ratio, allowance of owner-occupied or second homes, and the ability to qualify despite past bankruptcies.
Geneva Financial announced the opening of a new location in Seattle led by branch manager Brittany Van Brunt.
Mortgage Capital Trading, a mortgage hedge advisory and secondary marketing software firm, announced a new technology for mortgage servicing rights (MSR) buyers to produce more granular pricing for mortgage servicing. The feature leverages an application programming interface to connect MSRlive!, the company’s MSR valuation platform, to client systems for more precise and accurate loan-level pricing in real time.