TheMReport — News and strategies for the evolving mortgage marketplace.
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6 | M R EP O RT Driving Diversity & Inclusion MORTGAGE COACH EXPANDS PARTNERSHIP WITH NAMMBA TO GROW DIVERSITY, EQUITY, AND INCLUSION IN HOUSING FINANCE. M ortgage Coach, a borrower conversion platform empowering mortgage lenders to educate borrowers with interactive presentations that model home loan performance over time, has expanded its relationship with the National Association of Minority Mortgage Bankers of America (NAMMBA). Through the partnership, Mortgage Coach and NAMMBA will develop ma- terial educating lenders on strate- gies that can improve homeown- ership affordability for borrowers. Mortgage Coach will also work collaboratively with NAMMBA to cultivate greater racial and gender diversity among mortgage indus- try leadership. As part of its expanded partner- ship, Mortgage Coach is providing NAMMBA members who are exploring careers in the housing finance industry with access to its interactive technology platform, which illustrates the costs and benefits of home lending pro- grams given borrowers' financial scenarios. Additionally, Mortgage Coach has pledged the use of its platform to support NAMMBA's consultative services that help lenders better communicate with and meet the housing needs of communities and has pledged to continue advocating for policies and practices that reduce the mi- nority homeownership divide. "As a technology plat- form and a corporate culture, Mortgage Coach is aligned with NAMMBA's mission of cultivating a more diverse housing finance workforce and strengthening engagement with underserved communities through improved homeownership outcomes," said NAMMBA Founder and CEO Tony Thompson, CMB. "I look forward to growing NAMMBA's impact with the partnership of Mortgage Coach." Mortgage Coach is a long-time supporter of NAMMBA's initia- tives. At NAMMBA's inaugural conference in 2018, Mortgage Coach President Joe Puthur spoke on the topics of improving access to homeownership and borrower education. Since then, both Puthur and Mortgage Coach Founder and CEO Dave Savage were designated NAMMBA Visionaries for volunteering ex- ecutive mentorship and industry education to women college students and college students of color pursuing careers in housing finance. "Mortgage Coach is passion- ate about helping build a diverse community of housing finance professionals and helping under- served communities build gen- erational wealth with improved financing outcomes," Mortgage Coach President Joe Puthur said. "We are dedicated to equipping mortgage lenders with technolo- gy and education to help under- served consumers benefit from homeownership. For example, Total Cost Analysis presentations that instantly model the impact of reducing monthly mortgage payments with Fannie RefiNow or Freddie Refi Possible loans and Mortgage Coach's Spanish- language borrower education each help NAMMBA's crucial industry mission succeed." Carrington Mortgage Services Wholesale Introduces ProcessIQ CMS' PROCESSIQ SERVICE IS UNIQUE TO THE INDUSTRY AND GIVES CARRINGTON A COMPETITIVE ADVANTAGE OVER OTHER LENDERS BY OFFERING MORE COMPLETE SERVICES TO ITS BROKERS. C arrington Mortgage Ser- vices LLC (CMS) has intro- duced ProcessIQ to assist brokers in moving complicated and time-sensitive loans through their pipelines more easily. "ProcessIQ is designed to meet the needs of brokers who don't have the time or resources to provide loans to more credit-chal- lenged borrowers whose files tend to be more complex," said Bruce Rose, CEO and Founder of The Carrington Companies. "Regardless of their credit situation, those bor- rowers deserve an opportunity to qualify for a loan and take advan- tage of our current rates." With ProcessIQ , approved CMS Wholesale brokers have the option of having Carrington pro- cess the loan as part of its under- writing. When an enrolled broker submits a non-QM or full-doc FHA, VA, or USDA loan, they can request that the Carrington ProcessIQ team handle all the logistics and work directly with the borrower. The broker's loan officer still manages all licensable activities. However, the ProcessIQ team takes care of everything else, which makes it easy for our bro- ker partners to expand their loan processing capabilities for more nuanced loans such as those with low FICO scores, high debt ratio, or alternative income documenta- tion requirements. Some of the key benefits bro- kers will be able to take advantage of with ProcessIQ include: » A first-rate experience for their borrowers. » The capacity to originate loans they may not have experience or the resources to process. » The ability to provide loan op- tions and a seamless experience to credit-challenged customers. » Additional processing capacity to originate more loans. » Proactive communication to stay informed every step of the way. » No expensive third-party processing fees, which average more than $800 per loan file. » Just $200 added to our already low CMS underwriting fee. ProcessIQ is a great way for brokers to accelerate moving complicated and time-intensive loans through their pipelines. If desired, the underwriting fee can be "bought out" and moved into pricing, instead of being charged directly to borrowers. "When a broker pairs the services offered by ProcessIQ with Carrington's competitive rates, as well as our superior expertise in such areas as manual and non-QM underwriting, they will be able to deliver a decisive benefit to under- served borrowers," Rose said. CMS' diverse product offerings include FHA, VA, USDA, and conforming Conventional prod- ucts. In addition, Carrington's proprietary non-QM Prime Advantage, Flexible Advantage, and Investor Advantage products were specifically developed to fur- ther demonstrate the company's ongoing dedication to nontra- ditional borrowers. Carrington Prime Advantage and Flexible "When a broker pairs the services offered by ProcessIQ with Carrington's competitive rates, as well as our superior expertise in such areas as manual and non- QM underwriting, they will be able to deliver a decisive benefit to underserved borrowers." ——Bruce Rose, CEO and Founder, The Carrington Companies MTECH