Industry Watch: LoanDepot teams with home builder, Nations Lending expands in Denver, and more

LoanDepot has teamed with home builder Schell Brothers to announce a new joint venture partnership dubbed Henlopen Mortgage. Through this new joint venture, Schell Brothers, which builds energy efficient new homes in Delaware and Virginia, will have access to loanDepot’s lending platform.

Ross Mortgage Corporation is expanding into North Carolina with a new branch location in Cornelius. The office is located at 9606 Baily Road, with Michael Fischer serving as branch manager. With the new location, Ross Mortgage is now operating in 13 states, including Michigan, Wisconsin, Indiana, Ohio, Pennsylvania, Florida, Georgia, South Carolina, Tennessee, Louisiana, Kentucky and Maryland.

On the heels of its rebranding last week, Polly has announced that it has raised $15 million in Series A funding. The funding round was led by 8VC, with participation from new and existing investors including Menlo Ventures, Conversion Capital, Meritech Capital, Fifth Wall and Base10 Partners. According to Polly, funds will be used to broaden and accelerate product development, recruit engineering talent and aggressively expand its sales and marketing efforts. 8VC partner Alex Kolicich and Meritech Capital partner Max Motschwiller will join Polly’s Board of Directors.

Nations Lending has added a new branch in the Denver metro area, adding Matthew Collett and Andrew Scripter to lead the new location. It will be the fifth Denver-area branch for Nations Lending, which recently expanded its footprint by adding new locations in Boulder.

Mortgage lender Hero Loan, started by the founding members of The Home Loan Expert LLC, is joining the VA loan market with a streamlined process for active-duty military members, veterans, and their families. According to a release from the company, Hero Loan, which is currently licensed in 16 states, can close loans in 14 days and “can still offer loans in the twos” despite rising mortgage rates.

Carrington Mortgage Services (CMS) announced comprehensive improvements to its non-QM rates and guidelines to deliver, according to the company, “a compelling advantage for CMS retail, wholesale and correspondent channels.” According to Jeff Gillis, CMS executive vice president of wholesale lending, the firm is “now a price leader in the QM space; and this is particularly true for our Carrington Investor Advantage product.”


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