First Republic Bank’s assets have been seized and auctioned by the FDIC to JPMorgan Chase.
Zillow and Redfin each announced new ChatGPT plug-ins to help home seekers find properties, using artificial intelligence to find listings that suit their needs. Select ChatGPT users can enable and use the plug-ins, both of which are available as software extensions on ChatGPT’s platform. Both companies have announced that broader access is anticipated in the future as ChatGPT provides it and users currently without access can sign up for ChatGPT’s plug-in waitlist.
Better announced its fully digital home equity line of credit (HELOC), which the company says can go “from click to close in as little as three days.” Better is currently offering 15- to 30-year HELOCs for primary, secondary and investment homes for up to 90% of the property value with a maximum $500,000 line of credit.
United Wholesale Mortgage (UWM) announced that brokers partnered with UWM can now request a dedicated loan coordinator to provide personalized loan processing support whenever necessary through a new program dubbed “PA+.” According to UWM, the dedicated coordinator will work with brokers and their borrowers to help “receive, scrub, order and send [documents] to deliver a complete and clean package ready for closing.”
PHH Mortgage Corp., a subsidiary of Ocwen Financial Corp., announced that it has entered into a reverse mortgage subservicing agreement with Finance of America Reverse. As of fourth-quarter 2022, the company’s total reverse servicing portfolio was approximately $31 billion in unpaid principal balance (UPB), which included approximately $23 billion in subservicing UPB.
Optimal Blue, a division of Black Knight, announced that the Optimal Blue product, pricing and eligibility engine (PPE) now includes investor content from 54 state-based housing finance agencies (HFAs). These agencies provide affordable homeownership options to low- and moderate-income borrowers via downpayment and closing-cost assistance, as well as reduced mortgage payments. The Optimal Blue PPE’s upgraded network of HFA content gives lenders using the platform access to more diverse financing options for their consumers.