Industry Watch: Knock kicks off cash-backed loans for first-timers, Finance of America launches ADU refis and more

Knock has announced the launch of Knock GO (Guaranteed Offer), a cash-backed home loan solution for first-time homebuyers looking to compete in today’s hot housing market. Designed specifically for first-time buyers and others who don’t have a home to sell, Knock GO combines a cash-backed, competitively priced conventional mortgage with a closing guaranteed and appraisal protection. Knock guarantees that it will both fund the loan in the event it isn’t 100% clear to close in 30 days and help offset the difference between the sale price and the home’s appraised value at no additional cost. Knock GO is currently available in the 65 markets nationwide in which Knock operates.

DocMagic has announced the official launch of its eSign 3.0 platform. Enhancements to the platform introduce new tools and features designed to enable lenders to easily facilitate remote online notarization (RON) for paperless eClosings. Among the new features is a secure eClose portal that enables notary and settlement service providers to easily access and update closing document packages. When documents are added by the closing agent or notary, DocMagic’s AutoPrep functionality instantly prepares the uploaded documents for electronic execution. Signer functionality has also been improved, and other benefits include built-in knowledge-based authentication and identity validation; a redesigned workflow to give borrowers additional time to read and review documents in a single, centralized view; an accelerated signing phase where intuitive tools track progress at every stage; and full oversight until all documents are executed.

Embrace Home Loans has opened a new 5,000-square-foot office in the Twin Cities area. Located in Arden Hills, Minnesota, the office has launched with 10 employees, with space to add 15 to 20 more. Mike Kohn, team leader with Embrace’s Financial Institutions Group, is heading the new branch.

Finance of America Mortgage (FAM) has launched a new refinance program for accessory dwelling units (ADUs). FAM’s just-launched ADU refinance feature provides homeowners a new mortgage loan that can be used to pay off high-interest ADU financing, with loan amounts available up to the area’s conforming loan limit. The program applies to single-family, primary residences only. The ADU must be properly permitted, built and zoned.


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