Industry Watch: Multifamily changes at Fannie Mae and more

SimpleNexus, which was acquired and brought under the nCino umbrella in January 2022, officially rebranded to nCino’s Mortgage Suite. According to the company, the products now known as nCino’s Mortgage Suite are currently involved in about 25% of all residential loan originations in the U.S.

United Wholesale Mortgage (UWM) announced two new initiatives designed to help independent mortgage brokers scale their business. Memory Maker is an exclusive UWM tool that allows brokers to send their choice of thank-you items to borrowers and real estate agents, including personalized emails, or handwritten notes or gifts (such as cutting boards or welcome mats). This tool is accessible through UWM’s EASE platform and is available for every loan through the company. All thank-you emails are free of charge, while handwritten notes and gifts can be purchased with a credit card or by redeeming LO Partners Points. Enhancements have also been announced to UWM’s PA+ product. PA+ now allows independent mortgage brokers and their processors to choose which part of the loan process they’d like a UWM loan coordinator to handle. For a reduced fee, they can select a combination of support for setup, underwriting or closing. Additionally, they can still opt to have the UWM loan coordinator handle the entire process from setup through closing.

Fannie Mae announced a shift to its multifamily lending policy to expand access to credit for affordable rental housing. After Nov. 18, the government-sponsored enterprise will accept 5% downpayments for owner-occupied duplexes, triplexes and fourplexes. Previously, the threshold for two-unit properties was 15%, while the limit for three- and four-unit properties was 25%. Fannie has also announced a new Sponsor-Dedicated Workforce (SDW) product to create and preserve workforce housing through its network of Delegated Underwriting and Servicing (DUS) lenders. SDW will be offered to borrowers who agree to preserve or create a minimum of 20% of units in a multifamily property at levels affordable to residents earning up to 80% of the area median income (AMI), or in certain cost-burdened designated metro areas, up to 120% AMI. The product incentivizes multifamily borrowers to elect rent restrictions on eligible properties for the life of the loan, helping to support low- and moderate-income renters.

FutureWave Finance, a minority-owned national correspondent lender, was established by president and CEO Stephen Thomas. The company plans to partners with lenders and other organizations to develop mortgage products “that have the potential to grow homeownership opportunities for all Americans,” according to a statement from the company.

Rithm Capital and Sculptor Capital Management have amended the terms of their previously announced definitive merger agreement, pursuant to which Rithm will acquire Sculptor. Under the new agreement, which has been unanimously approved by the boards of directors of both companies, Sculptor Class A stockholders will receive $12 per share, an increase of 7.62% over Rithm’s previously agreed-upon price. In aggregate, the new agreement raises the transaction value to approximately $676 million.


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