Guaranteed Rate closed on its acquisition of Attorneys’ Title Guaranty Fund Inc. (ATG), a Chicago-based title insurance underwriter. The merger was first announced in January.
United Wholesale Mortgage announced that it has lowered its minimum FICO score requirement on conventional loans from 640 to 620, effective April 6. The wholesale lender made the change with the idea of helping more borrowers purchase or refinance with a conventional loan rather than one from the Federal Housing Administration. The change also should help mortgage brokers with clients who are dealing with rising interest rates in the competitive housing market.
Mortgage Builder, a provider of mortgage origination and servicing software, announced that it has rebranded as Constellation Mortgage Solutions Inc. The rebrand follows Constellation Software Inc.’s acquisitions of Mortgage Builder in 2019 and ReverseVision earlier this year, and it comes as the company transforms its enterprise loan origination and loan servicing platforms to a fully browser-based experience that will launch later in 2022.
Sun West Mortgage Co. introduced The Processor, a software solution that provides an “instant underwriting engine which turns raw loan applications into processed applications in minutes,” according to Sun West. According to CEO Pavan Agarwal, The Processor automates or eliminates many manual processing steps to prepare a loan for underwriting, including document review, sending of disclosures, income calculations, data validations and ordering of third-party services.