New American Funding has added a refinance option for low-income borrowers through a new program from Freddie Mac. The company is now offering Freddie’s Refi Possible program, which requires that eligible borrowers receive a savings of at least $50 on their monthly mortgage payment and a reduction on their interest rate of at least 0.5%. Homeowners also are eligible to receive a $500 credit toward an appraisal if one is obtained. To qualify, a borrower must have an owner-occupied, single-family mortgage backed by Freddie Mac or Fannie Mae; an income at or below 80% of the area median income; and a loan that was originated at least 12 months ago. Borrowers cannot have missed a mortgage payment in the past six months and cannot have missed more than one payment in the past 12 months. They also must have a loan-to-value ratio of 97% or less, a debt-to-income ratio of 65% or less and a credit score of at least 620. The program is for fixed-rate loans only and includes local conforming-loan limits.
Angel Oak Home Loans has announced the opening of new branches in Tampa; Newport Beach, California; Las Vegas; and Hillsborough, North Carolina. The branches are led, respectively, by Scarlet Roger, Jay Kunkle, Nikki Junium and Jo Anna Walker. These new offices mark the lender’s 10th, 11th, 12th and 13th openings in 2021, more than doubling the number of new branches opened in 2020.
Hometown Lenders has added a new branch in Gig Harbor, Washington. The branch is managed by Bryan Black. Based in Huntsville, Alabama, Hometown Lenders now has approximately 100 branch locations and is doing business in more than 40 states.
Geneva Financial has announced the opening of a new branch in Cleveland, led by branch manager Joe Jackson.
First Community Mortgage has announced the launch of HOLACASA, a home-opportunity loan program aimed at Hispanic borrowers. HOLACASA is open to foreign nationals and nonresident immigrants with Individual Taxpayer Identification Numbers/W7 tax-return filings. Applicants must have filed taxes in the U.S. for the previous year. Loans of up to $6 million are available for primary residences, second homes and investment properties, as well as for nonwarrantable condominiums, manufactured homes, one- to four-unit properties, townhomes, planned unit developments and vacant land.
SimpleNexus is now a Fannie Mae- and Freddie Mac-reviewed e-closing solutions provider. The designation affirms that the company’s Nexus Closing e-mortgage solution meets both government-sponsored enterprises’ (GSEs) technical requirements for e-closing, e-note and e-vault functionality, and it has been tested for compatibility with the GSEs’ respective e-note delivery systems.
Guaranteed Rate has been announced as the presenting sponsor of the PokerGO Tour. Details of the new sponsorship include naming rights for the trophy awarded to the tour’s top performer, which will now be known as the Guaranteed Rate Cup.