Newrez announced the launch of RezSource, a new conventional loan product with a 1% downpayment and added flexibility in meeting that contribution. Borrowers can utilize various sources to cover the 1% downpayment, including gifts, funds from family, support from eligible nonprofits, and assistance from government agencies, among others. In addition to offering a minimal downpayment requirement, Newrez will contribute the lesser of 2% of the appraised value or purchase price, or $5,000. The company has also announced a new joint venture, Meybohm Mortgage, in partnership with Meybohm Real Estate.
CBC Mortgage Agency is introducing a buydown feature for its downpayment assistance program in conjunction with Federal Housing Administration first mortgage financing. This new feature comes a few weeks after the company decreased the interest rate offered on products with downpayment assistance. The new feature is available as either a 2-1 buydown or a 1-0 buydown.
Freddie Mac announced further enhancements to Condo Project Advisor, allowing lenders to determine whether a specific loan to finance the purchase of a condo unit meets Freddie Mac’s guidelines. This designation, known as “Project Certified” status for Project Assessment Requests (PAR), confirms that condo properties meet certain project review and general eligibility requirements for financing. Once reaching this status, lenders only need to do minimal project underwriting. Lenders can also now request certified status for certain projects at no cost for loans secured by units in condo buildings that don’t already carry this status.
Incenter Mortgage Advisors (IMA) announced a rebranding to Incenter Capital Advisors, as it expands its offerings to include a broader set of capital market services. IMA is best known as a leading provider of transaction, valuation and advisory services related to mortgage servicing rights (MSRs), having organized more than $2 trillion in MSR assets. Building on IMA’s reputation, Incenter Capital Advisors now has a broader mission “to help clients drive stronger financial performance, with an emphasis on corporate strategy and capital markets activities spanning the full gamut of asset classes, institutions and balance-sheet types,” according to a company statement.
