Guaranteed Rate has announced the next wave of expansion of its Community Engagement Initiative, designed to significantly improve funded volume in underserved communities nationwide. The initiative’s first phase focused on internal infrastructure projects, including reporting enhancements to track loan performance, processing and underwriting training, additional loan products and establishing strategic partnerships. May 2024 marks the formal launch of phase two of this initiative, with the launch of RateUniversity, a community outreach effort in English and Spanish that promotes financial education and culture in large metros. It also introduces the company’s GTM (Go to Market) plan, comprehensive, multi-media brand awareness campaigns, and ongoing recruitment from low and moderate-income (LMI) markets.
CrossCountry Mortgage (CCM) has launched an exclusive Line of Duty Death Benefit providing up to $525,000 in mortgage protection to families of first responders at no cost. The program cancels outstanding balances of home loan(s) serviced by CCM for fallen federal, state, county, or municipal agency law enforcement officers, firefighters, EMTs, or paramedics. Coverage extends to work-related activities involving external force and violence. Additionally, it includes heart attacks or strokes that may occur during strenuous training or activity.
Down Payment Resource (DPR) has announced a new integration using the latest API framework from Intercontinental Exchange (ICE) for mortgage technology. Available via the Encompass Partner Connect API Platform, the integration embeds support for downpayment assistance (DPA) programs directly into core loan production systems. Borrowers are automatically matched with eligible, company-approved DPA programs based on declarations and loan application data. LOs are presented with program information, such as benefit amounts and eligibility requirements, so they can advise borrowers on their DPA options and guide them through program-specific processes. DPA program selection is automatically communicated downstream to underwriters by translating program requirements into importable loan conditions.
Sammamish Mortgage has announced a partnership with Calque to provide Calque’s Trade-In Mortgage product in the western United States. With this product, buyers can use their equity to submit non-contingent offers that increase their likelihood of winning the bid they make on their next home, as if they were paying with cash. Sammamish Mortgage offers the program in California, Colorado, Idaho, Oregon, and Washington.
Theory Mortgage has also partnered with Calque, enabling the Portland-based lender to offer the Trade-In Mortgage in Oregon.
NEXA Mortgage has launched a new compensation plan for its mortgage loan officers, called NEXA100. The new program will allow for NEXA’s loan officers to keep up to 100% of the loan officer’s commission splits, without any per-file fees or other hidden fees. Compensation rules must be obeyed per all agreements and the 100% commission to the loan officer can be obtained when fees to the loan officer are factored, including money that goes to marketing and other costs for the loan officer.
