Rocket Mortgage has introduced “Welcome Home RateBreak,” a lender-paid 2-1 temporary buydown program. Through the program, buyers’ mortgage rates can be reduced by two percentage points in the first year, then one percentage point in the second year before returning to the note rate in the third year and until the mortgage is paid off. The lower rate is available to homebuyers who apply directly to Rocket Mortgage or buyers working with a mortgage broker who is partnered with Rocket Pro TPO. Homebuyers are eligible if they are purchasing a single-family home and have income equal to or less than 80% of their area median income (AMI). Rocket Mortgage estimates that more than 90 million people can benefit from this program.
Calque has announced the launch of its newest ‘buy before you sell’ program, dubbed Contingency Buster. The program offers homeowners Calque’s Purchase Price Guarantee (PPG), a binding backup contract that ensures that if a homebuyer’s current home does not sell within 150 days, Calque will step in and purchase it at an agreed-upon price, removing the property from the borrower’s debt-to-income ratio. PPG covers the existing mortgage balance, Calque’s fees and estimated closing costs. Calque can typically provide a binding offer decision within 24-48 hours after a homeowner’s completion of a virtual walkthrough; once the offer is accepted, homeowners have up to 150 days to sell their home on the market, with Calque serving as the backup buyer, if necessary.
SnapDocs has partnered with BillingPlatform, with the latter providing the former a new digital billing and revenue system that, according to a statement, “will help Snapdocs continue creating a faster, transparent and error-free process for its customers.”
The Consumer Financial Protection Bureau (CFPB) has taken action against NewDay USA for allegedly deceiving active duty servicemembers and veterans seeking cash-out refinance loans. The CFPB found that NewDay USA, which it tabbed as a “repeat offender,” gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s loans appear less expensive relative to their existing mortgages. The CFPB is ordering NewDay USA to pay a $2.25 million civil penalty to the CFPB’s victims relief fund.
