Industry Watch: UWM expands Investor Flex, Guaranteed Rate adds 1% down option and more

United Wholesale Mortgage (UWM) has announced it is expanding Investor Flex, its debt service coverage ratio (DSCR) loan offering. Investor Flex, originally released by UWM in March 2022, will now offer four loan options with up to $2M for purchases and refinances for real estate investor borrowers. All the loan options use the prospective rental income of the property, rather than the borrower’s income to qualify.

Guaranteed Rate has introduced OneDown, a mortgage loan that features downpayment options as low as 1%, as well as an additional 2% contribution towards that down payment (or up to $2,000 — whichever is lower). OneDown further offers borrowers a $1,000 contribution toward lender fees. The product, especially intended for first-time borrowers or home buyers with an area median income under 80%, is available for transactions involving single family residences, including condominiums. No geographic restrictions apply.

Heisman Merger Sub., Inc., a wholly owned subsidiary of Mr. Cooper Group, has extended the expiration date of its offer to acquire all of the outstanding shares of common stock of Home Point Capital to July 31. The offer, for approximately $324 million in cash, was previously scheduled to expire on July 21. Upon completion of the deal, Mr. Cooper would acquire more than $1 billion in Home Point’s servicing rights to its portfolio.

Clear Capital and BeSmartee have announced a new strategic partnership, a collaboration centered around mortgage and home equity origination property valuations. Clear Capital’s ClearAVM, a automated valuation model (AVM) that provides estimates of market value for millions of properties, has been integrated with BeSmartee’s Mortgage POS and HELOC product to provide users with value verification during the initial application and/or underwriting process on mortgage and home equity loans. This combination streamlines closing while providing lenders with earlier access to leading property analytics.

Rithm Capital Corp. and Sculptor Capital Management have announced their entry into a definitive agreement, under which Rithm will acquire Sculptor in a transaction valued at approximately $639 million. Rithm, according to a statement from the company, has $7 billion of permanent equity capital and a balance sheet of more than $30 billion. Alternative asset manager Sculptor has roughly $34 billion in assets under management.


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