Guaranteed Rate has announced the formation of Gateless, a new mortgage technology company that provides the industry with “efficient solutions to innovate the entire loan process.” The new company promises next-generation artificial intelligence and machine learning leveraged for the mortgage industry in a suite of tools dubbed “AI Mortgage.” The suite will automate key components of the loan process, such as document review and filing. According to Guaranteed Rate, AI Mortgage uses vision-based technology to “substantially increase data accuracy and productivity while eliminating costly key-in errors.” On average, per Guaranteed Rate, mortgage companies using the suite bring loans from application to full approval 10 days faster.
LoanDepot has been named the presenting sponsor of the American and National League Championship Series through 2025. The company will donate $25 for every RBI during the 2021 regular season to Boys & Girls Clubs of America, with that contribution ballooning to $250 per RBI on Opening Day.
Nations Lending has announced another addition to its Colorado footprint with a branch opening in Boulder. The branch will be headed by Darren Hunstad, a 30-year finance veteran who comes to Nations Lending from Cornerstone First Mortgage.
Finance of America Reverse has announced the upcoming April launch of EquityAvail, a new hybrid mortgage product designed to provide greater financial flexibility for homeowners at or near retirement. The product will combine elements of a forward mortgage with a reverse mortgage to improve cash flow and help retirees accomplish their retirement goals. It allows qualifying homeowners to refinance their traditional mortgages and reduce their required monthly payments for 10 years. After that, the borrower is no longer required to make the monthly payments. While taxes and insurance must always be paid, this reduced monthly obligation and required payment period gives homeowners more financial stability and better prepares them to handle unexpected expenses.
Top of Mind Networks has released a new feature designed to aid mortgage lenders with the recruiting process. Called the “Surefire Lookbook,” the new tool provides a “highlight reel” of Top of Mind’s award-winning content. Instead of showing generic samples of marketing collateral, however, each Lookbook is customized with the lender’s branding and the prospective loan officer’s headshot, contact information and location. This allows prospective recruits to see themselves featured in their potential new employer’s marketing materials, including emails, open-house flyers, direct-mail postcards, and interactive multimedia, giving them insight into how a new company might help them attract more leads and generate more business.