Industry Watch: Mr. Cooper acquires Home Point Capital and more

Mr. Cooper Group and Home Point Capital signed a definitive agreement for Mr. Cooper to acquire all outstanding shares of Home Point for approximately $324 million in cash. As part of the transaction, Mr. Cooper will assume $500 million in outstanding Home Point 5% senior notes that are due in February 2026. The transaction is expected to close in the third quarter of 2023, subject to customary closing conditions including receipt of regulatory approvals. Following the onboarding of Home Point customers and the closing of the transaction, Mr. Cooper will shut down the remaining Home Point operations.

First Home Mortgage Corp. announced the launch of its newest homebuyer support initiative, First Home’s Dream Program, designed to assist low- to moderate-income homebuyers with downpayment assistance on conventional 30-year mortgages. Through the program, eligible homebuyers can receive $3,000 in downpayment assistance to help cover some of the upfront costs associated with purchasing a home. To qualify, a borrower’s income level must be at or below 80% of the area median income.

Mortgage Automation Technologies Inc. announced that the integration of their next-generation point-of-sale (POS) system, The BIG Point of Sale, is now built on the newest application program interface (API) platform available through ICE Mortgage Technology. This architecture eliminates the need for a secondary loan repository outside of ICE’s loan origination system, Encompass. The system allows originators to monitor and adjust loan files from their mobile device, including the generation of preapprovals. The onboarding and contracting process is designed to minimize upfront costs by utilizing a customer self-service implementation process.

LenderLogix, a provider of mortgage automation software and APIs, announced that its POS platform, LiteSpeed, now offers a Spanish version of the residential loan application to support communication with Spanish-speaking borrowers in their native language.

Reggora announced the launch of its appraisal fulfillment solution, The Appraisal Marketplace. The new product uses the data running through Reggora’s Appraisal Management Platform to match orders with appraisers utilizing what Reggora called an “Uber-style” algorithm. Using metrics like real-time evaluations of appraiser performance at given workloads, anticipated drive routes and proximity scores, due date urgency, subject property complexity scores and appraiser expertise, the marketplace matches “each order with the appraiser that’s truly right for the job,” per Reggora.


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