Until Aug. 18, Rocket Pro TPO is temporarily waiving the $795 origination fee it usually charges its broker partners on home equity loans.
LoanDepot has introduced a new home equity loan to its equityFREEDOM product suite. The equityFREEDOM Home Equity Loan lets customers access up to $350,000 in a lump sum through a 20-year, fully amortizing loan (maximum loan-to-value ratio of 90%) with no prepayment penalty. LoanDepot also plans to continue to expand its equityFREEDOM suite of home equity lending products with a first lien home equity line of credit, due to launch later this summer.
Finance of America (FOA) has announced that it expects the intended 1-for-10 reverse stock split of its outstanding shares of Class A common stock to be effective as of 5 p.m. on July 25. The “split,” previously disclosed by FOA in June, will combine the company’s available shares into larger ones, with every 10 issued and outstanding shares automatically reclassified into one issued and outstanding share. The move is primarily intended to increase the per-share trading price of FOA’s Class A common stock, to meet the New York Stock Exchange’s price criteria for continued listing.
PrimeLending has added Loan Lift, a mortgage underwriting process that helps ensure borrowers’ positive financial behaviors (such as consistent rent payments) are captured during credit eligibility assessment, potentially resulting in better loan terms and more lending options. The new process involves comprehensive data collection of a borrower’s traditional qualifications, such as assets, income and employment history, as well as rent payments, shared bill payments and positive cash flow activities, such as Venmo or Zelle transactions, not always captured by standard underwriting systems. PrimeLending works with secure third-party provider PointServ to digitally document and verify transactions and personal financial history within minutes.
Waltz Inc. has announced its launch, providing foreign investors with a remote experience to invest in and purchase residential real estate in the United States, all in 30 days. Waltz is currently available in nine states: Alabama, Florida, Georgia, Maryland, Mississippi, North Carolina, Ohio, South Carolina and Texas, with plans for further expansion. Investors start by finding their ideal property through a real estate agent, mortgage broker or turnkey provider, and Waltz then provides them with everything to begin: identity verification, Limited Liability Company (LLC) with an Employer Identification Number (EIN), and pre-approval letter. Investors are set up with a U.S. digital bank account wit currency exchange capabilities to manage their investment.
