United Wholesale Mortgage has announced the launch of UWM Appraisal Direct, giving clients another option when ordering an appraisal on UWM loans. Via the new program, UWM will handle the appraisal process directly as the lender and no longer require their broker clients to utilize an appraisal management company (AMC). The program is currently in its pilot stage and will be fully released nationwide on Oct. 1. Appraisers who work with UWM Appraisal Direct will receive the full appraisal fee paid by the borrower and be paid the next business day following a successful appraisal completion.
Rocket Mortgage has announced new or expanded multi-year partnerships to sponsor 25 collegiate athletic programs across the country. The sponsorships will include Rocket Mortgage appearances on signage and social media, which will begin at the start of the 2021-22 fall season. The full list of schools partnering with Rocket includes Alabama, Arizona, Clemson, Colorado, Duke, Florida, Florida State, Georgia, Grambling State, Howard, Jackson State, Kansas, Michigan, Michigan State, North Carolina Ohio State, Oregon, Penn State, Southern University, Texas, TCU, USC, Virginia Tech, Washington and Wisconsin.
Fannie Mae has announced its latest sale of non-performing loans as part of the company’s ongoing effort to reduce the size of its retained mortgage portfolio, including the company’s eighteenth Community Impact Pool (CIP). CIPs are typically smaller pools of loans that are geographically focused and marketed to encourage participation by nonprofit organizations, minority- and women-owned businesses (MWOBs), and smaller investors. The four larger pools include approximately 11,400 loans totaling $1.7 billion in unpaid principal balance (UPB), and the CIP contains approximately 140 loans totaling $45.2 million in UPB. The CIP consists of loans geographically located in the New York area. All pools are available for purchase by qualified bidders; bids are due on the four larger pools on Oct. 5 and on the CIP on Oct. 19.
Blackstone Mortgage Trust, Inc., has announced the pricing of an underwritten public offering of 10,000,000 shares of its class A common stock. The underwriters have been granted a 30-day option by the company to purchase up to an additional 1,500,000 shares. The offering is expected to close on Sept. 14 and is subject to customary closing conditions. Total estimated gross proceeds of the offering are approximately $315 million, or approximately $362 million if the underwriters exercise their option to purchase additional shares in full. Blackstone intends to use the net proceeds from the offering for working capital and other general corporate purposes, including supporting the origination of additional commercial mortgage loans and other target assets and investments.
