Industry Watch: New American, CBC partner up; new Guild program for medical professionals; and more

Button Finance announced that it closed a $2 million round of seed funding, with the capital tabbed for hiring and further development of the company’s proprietary technology. Entities advised by Hildene Capital Management participated in the funding round.

Gateway Mortgage Group announced its opening of a mortgage center in Fishers, Indiana, led by mortgage sales manager Ebe Cotton. This brings Gateway’s footprint to more than 170 mortgage centers across the U.S.

Guild Mortgage introduced a new mortgage option designed to make it easier for medical professionals to buy their first home. Under the program, qualified medical professionals, including recent medical-school graduates, can qualify for a home loan with up to 100% financing, no required mortgage insurance and the ability to exclude student debt from their debt-to-income ratio. Applicants eligible for Guild’s medical-professional program include people working as a medical resident, medical doctor, medical fellow, chiropractor or pharmacist, as well as doctors of dental medicine, ophthalmology, osteopathy, surgery, dental surgery, optometry, podiatric medicine, veterinary medicine and psychiatric medicine. The program offers loans of up to $850,000. A minimum credit score of 700 and a debt-to-income ratio of no more than 43% are required to qualify.

New American Funding and CBC Mortgage Agency announced a strategic partnership to expand the offering of CBC’s Chenoa Fund Downpayment Assistance program for moderate- and low-income homebuyers. The program rollout will focus on offering New American’s loan origination services to various nonprofit affordable homebuilders, veterans organizations and other community housing-development organizations throughout the country. Mark Tribuna, regional business development manager at New American, was tabbed to lead the new joint effort.

Eastern Union launched a new hospitality group to provide commercial-financing services to hotels and short-term rental properties across the U.S., with a special focus on locations where the hospitality market has been weakened by the COVID-19 pandemic.

Guaranteed Rate announced that it has renewed its title sponsorship with the Professional Bowlers Association for the 2022 PBA Tour season.


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