Industry Watch: New downpayment assistance programs from UWM and more

United Wholesale Mortgage announced the release of two new products designed to help underserved borrowers achieve homeownership. Effective immediately, UWM is offering Special Purpose Credit Programs (SPCP) for Fannie Mae’s HomeReady and Freddie Mac’s BorrowSmartSM Geo-Target loans. These offerings will be available in select areas, including Detroit, Baltimore and Chicago (for Freddie Mac’s SPCP), and Detroit, Baltimore, Chicago, Atlanta, Memphis and Philadelphia (for Fannie Mae’s SPCP). Qualified buyers will receive up to $10,000 toward their downpayment and closing costs with the Freddie Mac program, or $5,000 toward their downpayment and closing costs and up to $1,000 toward home warranty and appraisal costs through the Fannie Mae program.

Newfi announced the launch of a new correspondent lending channel, allowing the company to offer its nonqualified mortgage (non-QM) products, including its Sequoia Portfolio Non-QM product line, to originators nationwide. The company also announced that it is looking to hire experienced non-QM correspondent account executives as it expands into the correspondent space.

Candor Technology announced a new product feature, Candor Pre-Check. Powered by Candor’s Loan Engineering System (LES) and its CogniTech Expert System Technology, Candor Pre-Check is a data accuracy tool designed to identify discrepancies between the loan application and the documents provided by the borrower.

Fintech mortgage lender Beeline debuted “Bob,” which the company touts as “the first-ever AI mortgage chatbot.” Bob, according to Beeline, can answer “surprisingly complicated questions” about Beeline’s range of products, then poses highly personalized product-specific questions to generate a price quote in real time. After quoting, Bob then encourages the customer to complete the application they’ve started; once approved, the borrower can then select a loan option and lock in a single session.


More Headlines