Industry Watch: Cross Country’s new downpayment assistance program and more

The Change Co., along with subsidiary Change Lending, announced the closing of the seventh securitization of the company’s proprietary Community Mortgages, and the first such securitization to earn an AAA rating for the senior A1 class. The securitization was comprised of loans with a weighted average FICO of 740, loan-to-value ratio of 71.1%, 43 months of reserves and 8.72% note rate. There were 16 unique investors in the $307 million offering.

Attom Data Solutions announced the launch of Neighborhood Navigator, a new product that enables companies to offer their clients comprehensive information on community, school and local amenities, as well as home values, across the country. Neighborhood Navigator inserts neighborhood data into a company’s website using an iFrame or a stand-alone company-branded tool with logo. The iFrame supports mapping at the ZIP code and city levels for existing website integrations, while the stand-alone link guides users to a separate webpage to perform address and location searches.

Figure Technologies Inc. announced the launch of its wholesale lending platform, which will offer originators direct access to Figure’s end-to-end home equity line of credit product. Figure has originated more than $5 billion of loans directly to consumers and through its private-label partnerships. With the launch of a wholesale model, Figure will increase the availability of its lending product.

CrossCountry Mortgage launched a new program, CCM Smart Start, helping first-time homebuyers cover downpayment costs up to $4,000. CCM Smart Start covers 2% of the downpayment, up to the $4,000 threshold, for borrowers who earn 80% or less of their county’s area median income. At least one of the occupying borrowers must be a first-time buyer.

AmeriFirst Financial has returned to forward mortgage originations, targeting a goal of $100 million in volume per month. The company shuttered its origination business in December 2022 but never formally closed. It maintained a servicing portfolio of approximately $1 billion while originating another $30 million via its business-purpose lending arm, which remained operational.

Planet Home Lending solidified its position as a mortgage servicing rights (MSR) investor with a $10 billion bulk acquisition from Village Capital & Investment LLC. The Village portfolio consists of 45,000 home loans securitized by Ginnie Mae. The acquisition increases Planet’s MSR book by 10.6%. As of June 2023, Planet’s servicing portfolio stands at $94 billion. According to a statement from Planet, it plans to continue acquiring MSRs in the second half of this year through bulk and co-issuance transactions.


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