Mortgage Connect LP announced the formal closing of its purchase of Adfintech, a provider of outsource mortgage services including quality control, due diligence, fulfillment and document management.
Cornerstone Home Lending launched a full-service, in-house mortgage servicing operation for new loan originations, led by Toby Wells, Cornerstone’s managing director of loan servicing. Clients will now remain in the care of Cornerstone team members through the entire life of their loan in addition to the loan origination and closing process. Cornerstone will transition its existing mortgage servicing portfolio to the company’s in-house system in the coming months.
The National Association of Mortgage Brokers (NAMB) is offering members and non-members a new certification class — the organization’s Certified Veterans Lending Specialist (CVLS) course. Three CVLS courses will be offered: April 28 in Norfolk, Virginia; April 29 in Washington, D.C.; and June 10 in Bloomington, Minnesota. The three certification trainings will cover all the basics for those who are new to the U.S. Department of Veterans Affairs loan process while also offering advanced topics for more seasoned loan originators.
Geneva Financial announced the opening of a new branch location in Hartwell, Georgia, led by branch manager Justin Slay.
Homepoint announced the launch of Homepoint New Build, a program that enables approved Homepoint mortgage broker partners to win builder business and generate bulk origination opportunities by offering business-purpose construction financing for residential homebuilders. The program is now available through a partnership with Level Capital LLC, a national private portfolio lender. According to Homepoint, New Build is designed to help brokers “function as a one-stop shop for builders through streamlined mobile technology and flexibility, without the red tape generally associated with banks and credit unions, or the costs associated with hard-money lenders.” Loan amounts can be for as much as $4 million per unit or $25 million per project. Financing can be preapproved in as little as 48 hours and term sheets provided within 24 hours. Homepoint New Build is currently available in 10 states: Arizona, California, Colorado, Florida, Idaho, Montana, Oregon, Texas, Utah and Washington. Three additional states –Nevada, New Mexico and North Carolina – are coming soon.
Wells Fargo announced a new initiative to help advance racial equity in homeownership across the country. The company will develop a Special Purpose Credit Program to help minority homeowners whose mortgages are currently serviced by Wells Fargo to refinance their loans. Initially, Wells Fargo will identify eligible Black homeowners who could benefit from a refinance product. Wells Fargo will commit $150 million to lower mortgage rates and reduce the refinancing costs to help these homeowners further benefit from refinancing. Additionally, the bank will expand its partnerships with the National Urban League and UnidosUS to broaden community outreach efforts for this program and others, provide homebuying readiness and counseling opportunities, and work to eliminate systemic obstacles that prevent many Black and Hispanic borrowers from achieving their homeownership goals. It also is committing $60 million in grants to support 40,000 homeowners of color in eight markets with significant homeownership gaps between white and minority families.