MReport January 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 15 of 67

14 | M R EP O RT MTECH borrowers while helping lenders create a more efficient origination process." Tedious applications and piles of paperwork detracts from the excitement of buying a first home. Integrating the Finicity solution into Consumer Connect stream- lines the application and origina- tion process for borrowers and helps lenders be more efficient and engaging while closing loans faster. In addition to the availability of digital verification functionality in Consumer Connect, the compa- nies have enabled data mapping for required fields into the 1003 application and loan officer notifi- cations, as well as other enhance- ments, in Encompass. Finicity is an authorized, inte- grated provider of asset verifica- tion reports within Fannie Mae's Desktop Underwriter (DU), giving lenders a validated asset report through Fannie Mae's Day 1 Certainty initiative, and the company is part of Fannie's Single Source Validation (SSV) pilot. Finicity is also an autho- rized Freddie Mac asset and income modeler (AIM) validation report provider within Freddie Mac's Loan Product Advisor. An Alternative for Alternative Documentation PRIME ASCENT PLUS IS DESIGNED TO PROVIDE A HIGHER BALANCE LOAN PROGRAM FOR BORROWERS WHO DON'T FIT WITHIN THE STANDARD TEMPLATE. V erus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-QM, investor rental, and fix-and-flip loan programs, announced the launch of Prime Ascent Plus, a higher balance loan program for applicants with alternative income documentation. The following features are available to choose from: • LTVs up to 90% • FICOs down to 660 • 24-month standard documenta- tion options • 12- and 24-month alternative documentation options for self- employed borrowers • 24-month Alt Doc 1099 • DTI up to 50% • Loan amounts from $150k to $2.5m Prime Ascent Plus is available for second homes, investment properties, and interest-only loans. There are cash-out options as well. Verus' EVP of Correspondent Sales, Jeff Schaefer, believes this new program will answer many needs in the marketplace. "There is a significant number of cred- itworthy individuals that need higher balance loans but struggle with qualifying for one reason or another. Our new Prime Ascent Plus Program is inherently flex- ible which makes it a suitable option that lenders can confi- dently offer their borrowers." Direct From the Buyer CALIFORNIA HOMEBUYERS CAN MAKE DIRECT OFFERS ON REDFIN-LISTED HOMES AS PART OF REDFIN DIRECT'S ONGOING EXPANSION. R edfin, the technology- powered real estate brokerage, launched its Redfin Direct service in most of its California markets, includ- ing Fresno, Inland Empire, Los Angeles, Orange County, Palm Springs, Sacramento, San Diego, and Santa Barbara. Redfin Direct helps homebuy- ers easily visit and buy Redfin- listed homes without needing to contact a buyer's agent. With Redfin Direct, buyers can make their offer more competitive by saving the seller from paying thousands in commissions to a buyer's agent. Redfin makes it easy for buy- ers to tour Redfin listings with its Book It Now and Direct Access technology. Book It Now allows buyers to sched- ule a home tour with a Redfin agent with a few clicks. For the homes that Redfin owns through its RedfinNow business in Southern California, home- buyers get Direct Access, which lets them unlock the door with their phone and tour properties on their own schedule, without an agent. When a buyer is ready to make an offer, the Redfin Direct offer tool guides them through the process. The step- by-step online platform defines the elements of the contract and provides information on typi- cal Redfin seller preferences so the buyer can make their offer stronger. "Redfin Direct is a new way to buy a home for people who are confident making an offer without an agent," said Mark Bennett, Redfin's state broker in California. "In a multiple offer situation, helping the seller avoid paying a buyer agent commission is one way to make your offer stand out. For the buyers who are comfortable being unrepre- sented, we are making it easy to make an offer online. This is just one more way Redfin is redefin- ing real estate and helping our customers save money." Redfin already helps California sellers save on commissions with a low listing fee, which ranges from 1 to 1.5%, subject to minimums. For a median priced home of $650,000 in Los Angeles, a seller could save up to $26,000 by listing with a full-service, lo- cal Redfin agent and selling to a Redfin Direct buyer as compared to paying 6% in commission fees. First American's Billion-Dollar Milestone FIRST AMERICAN'S FLEXCLOSE WAREHOUSE FINANCING AND CLOSING SERVICE HITS A MAJOR BENCHMARK. F irst American Title Insur- ance Company, a pro- vider of title insurance and settlement services and the largest subsidiary of First American Financial Corpora- tion, announced that in less than a year more than $1 billion of real estate transactions have successfully funded and closed using FlexClose, a warehouse financing and closing service from FirstFunding, a wholly owned subsidiary of First American Financial Corpora- tion. FlexClose gives lenders and real estate agents the ability to control the exact time funds arrive for a residential real estate transaction closing, even after the daily Fedwire cutoff. FlexClose brings together the capabilities of three First American businesses: settlement services from First American Title Insurance Company, bank- ing from First American Trust and warehouse financing services from FirstFunding. "Surpassing $1 billion in real estate transactions funded with FlexClose reflects First American's commitment to innovation and the company's ongoing efforts to enhance the closing and settlement process for lenders, settlement agents, real estate agents, homebuilders and consumers," said Chris Leavell, COO at First American Title Insurance Company. "Because we can bring together First American Title, First American Trust, and FirstFunding, we can offer the real estate industry the ability to fund and close any- time, providing a level of service and flexibility that cannot be matched." FlexClose provides benefits to all the parties involved in residential real estate transac- tions. The service helps lenders prevent delays and reduce risk, and allows real estate agents to close at any time and get their commission immediately. With FlexClose, settlement agents can close transactions faster, and homebuilders can save money and improve the buyer experi- ence with immediate funding. Importantly, FlexClose also lets home buyers and sellers close on their schedule and avoid delays. "Reaching this $1 billion mile- stone in less than a year validates that FlexClose resolves a customer inconvenience that the real estate industry had until now accepted as the norm," said Jim Dunkerley, President of FirstFunding. "The feedback we've received has been overwhelmingly positive, and we're excited to expand our work with First American Title to deliver this one-of-a-kind service to our customers."

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport January 2020