Industry Watch: New jumbo ARM program at Homepoint, Geneva extends rate locks and more

Planet Home Lending added a new team in Portland, Oregon, led by area sales manager Tim Hattan and sales manager Tom Bond.

Fathom Holdings Inc. announced the establishment of a new veterans division that will provide specialized resources, support and opportunities for Fathom’s current and former military service members, as well as resources for veteran and active-duty homebuyers and sellers. Guided by an advisory committee of active and retired U.S. military service members and company executives, the new division will provide programs such as targeted lead generation, tuition reimbursement, mentoring and a referral network. The division also will aggregate and educate veteran homebuyers and sellers on special programs available at the federal, state and local levels to encourage greater levels of homeownership.

Homepoint announced a new jumbo adjustable-rate mortgage (ARM) product, Homepoint Jumbo ARM. The product is being offered at an initial fixed rate for seven or 10 years, with a reset period every six months after the initial fixed rate expires. Homepoint Jumbo ARM has a maximum loan amount of $2.5 million, with a maximum loan-to-value ratio of 80% (or 70% for up to $2.5 million) and a minimum FICO score of 700. Loans are available on primary homes (one or two units) and second homes; the maximum debt-to-income ratio is 43% for primary residences and 40% for second homes.

Geneva Financial announced the opening of a new location in Chicago, led by branch manager Irma DeLeon. The company also announced the rollout of LockAssure – a program that extends the lock on an interest rate for up to 90 days, which provides more time for the home-shopping and negotiation process. The program also provides a fully underwritten preapproval with the property address to be determined,

Freddie Mac unveiled new automated underwriting capabilities that allow lenders to verify assets, income and employment using borrower-approved bank account data. On June 1, this functionality will be available to mortgage lenders nationwide through the asset and income modeler in Freddie Mac’s Loan Product Advisor, the company’s automated underwriting system. The new automation of 10-day preclosing verification of employment provides the borrower’s current employment status using a borrower-approved bank account (direct deposit) or payroll data obtained from designated third-party service providers. This gives lenders a more efficient option than obtaining oral or written verification of employment prior to closing.


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