Loan Factory has announced the addition of a new artificial intelligence application, which simplifies the loan process by automatically filling out forms with accurate information.

Ocwen Financial Corporation has announced that it has obtained the necessary approval from its shareholders to change its name to Onity Group Inc. The name of the company will formally change effective June 10, with its common stock is expected to begin trading on the New York Stock Exchange under the new name and new trading symbol of “ONIT.” Ocwen’s primary brands, PHH Mortgage Corporation and Liberty Reverse Mortgage, will retain their names at this time, though the company expects to begin rebranding them to Onity Mortgage in the fall of this year.

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will enhance their Flex Modification policies to allow more borrowers facing longer-term hardships to achieve meaningful payment reductions. Flex Modification is the government-sponsored enterprises’ loan modification offering for eligible borrowers facing a permanent hardship who can no longer afford to make their regular monthly mortgage payments. ​The enhanced policy lowers a borrower’s monthly payment by incrementally applying the following steps to achieve a 20% Principal and Interest (P&I) payment reduction: reducing the borrower’s interest rate (if eligible); eExtending the mortgage term; and forbearing principal for borrowers with mark-to-market loan-to-value ratios greater than 50%. The new policies will become effective on Dec. 1.

Fancher Mortgage Group and Jones Mortgage Group, both divisions of GVC Mortgage, have announced that they now offer Calque’s Trade-In Mortgage product. The offering allows buyers to use their equity to submit non-contingent offers that increase their likelihood of winning the bid they make on their next home, as if they were paying with cash.

GO Mortgage and PacRes Mortgage have announced that they entered into a merger agreement. The transaction is expected to close in the third quarter of 2024. Following the merger, current GO Mortgage CEO Michael Isaacs will lead the combined company as CEO. Matt Stashin, CEO and founder of PacRes Mortgage, will join the board of directors, while Melissa Stashin, president and founder of PacRes Mortgage, will become the combined company’s president.