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The New York-based digital homeownership platform saw its revenue take a dip as it continues to invest in artificial intelligence (AI) and build out its retail channel. Better’s earnings report also included the announced hiring of the executive team from NEO Home Loans to build out a distributed retail channel.
The average cost for a retail mortgage lender to originate a loan reached $11,600 in the third quarter of 2023, up 35% — or nearly $3,000 per loan — when compared to fourth-quarter 2020, a period of low interest rates and high sales volume, according to a study published Tuesday by Freddie Mac. That’s 2.4
Industries like retail, banking, transportation and food service have undergone massive digital transformation in recent years by leveraging new technologies to enhance consumer experience. In fact, a recent report found that renters who are satisfied with technology are 17% less likely to plan a move.
San Diego-based Smartfi Home Loans , which primarily is active as a wholesale lender in the reverse mortgage space, will launch a retail division that offers reverse mortgage products and has hired industry veteran Paul Fiore as its president of retail sales. “I
Mortgage technology company Uplist has launched what it says is a killer new tool that will help loan officers automatically generate refinance options for their clients. The tool also does modeling of potential savings for homeowners by analyzing various interest rates , closing costs and repayment options. ”
The lender originated approximately $309 million in mortgages in 2022, according to data from mortgage technology platform Modex. The company has 39 active loan officers across its retail branches, according to Modex data. The distributed retailer’s volume slipped to $2.7 Terms of that deal were also not disclosed.
Editor in Chief Sarah Wheeler sat down with Chad Smith, president and COO of Better Mortgage , to talk about leadership, technology, and how they have pivoted their business strategy to meet the needs of this market. SW: Talking about technology, you guys made some big moves in 2024 with TinMan Marketplace and Betsy.
Encompass by ICE Mortgage Technology is designed to enable users to manage their entire lending workflow in one place, from the customer’s initial point of thought through investor delivery. The LOS should serve as the central hub of the tech stack, allowing lenders to orchestrate their entire business from a single system of record.
Per a rep from Citi, the platform is a way for them to “[carve] a space for ourselves through the content and professional advice available on mortgage.com, an area in which Citi has decades of experience through direct-to-consumer and retail branch sales.”
Part of the strategy, she said, is to remain focused predominantly on the retail side of the business. “We We decided going forward that we’re going to focus 100% on retail ,” she said. “We Schmidt also talked about the need to invest in the company’s technology platform to better enable its people.
The wholesale channel will continue to grow as more retail originators and borrowers learn the benefits of working with a mortgage broker. Blink+ is a white-label, borrower-facing digital application tool. United Wholesale Mortgage (UWM) is solely focused on growing the wholesale channel and helping independent brokers thrive. “At
Now, remember that this is a top coach, and he is using this technology across his platforms to increase conversions. and no, I did not mean point of sale) Anyone who uses this technology in the mortgage space I can take business from instantly. Recently, I was online researching a very prominent real estate coach.He Absolutely not.I
Boston-based fintech Stavvy announced a new integration using the latest Encompass Partner Connect Application Programming Interface (API) framework from Intercontinental Exchange (ICE) for mortgage technology. “It allows us to provide for a more seamless, both hybrid and RON closing experience with little to no human intervention.”
OrangeGrid’s operating system, which claims to have a low-code/no-code architecture, will aim to provide Flagstar the tools needed to improve compliance, track internal staffing metrics, turn time reporting on loss mitigation requests and audit records for the workflow, according to a press release. billion last December.
The GAssist portal will provide its partners, which include community banks, credit unions, and brokers, with tools that will allow them to better manage borrower expectations, from guided originations to processing tools, according to a press release on the roll-out. The tools are housed within the secure application portal.
Desmond Smith: There are two ways to get a mortgage — wholesale or retail. Retail lending is when you walk into a bank branch or go to an online lender, and they help you get a mortgage. DS: The growth of the channel has been significant, especially in terms of technology. And those tools are just the start.
Pennymac Financial Services has made changes to its technology leadership, creating a new role focused on digital innovations, the company announced on Tuesday. He had a crucial leadership role in Pennymac’s mortgage fulfillment, production business technology and servicing divisions.
The process to select a new technology partner began for First Community Mortgage (FCM) in mid-2023, the company explained. You don’t normally think about a lending platform [as a tool] to use to drive growth, but in our case, it’s a key contributing factor to our ability to recruit.”
The firm announced Thursday that MyHome , a WFG subsidiary, has acquired technology and marketing services provider Volly. In late May, the firm announced it had acquired multiple retail title locations and operations centers in Northern and Central California from Doma Holdings. The financial terms of the deal were not disclosed.
Roughly 20% of Cliffco’s production comes from the wholesale channel and 80% of origination volume comes from its retail channel – through which it offers GSE, government loans and non-QM products. Capturing leads with tech Another priority for the lender is procuring leads through its proprietary technology.
The app offers potential buyers tools to find, research and bid on homes via a competitive auction format. Hubzu is an end-to-end asset management platform for residential foreclosure, short sale, REO, deed in lieu, CWCOT and retail property auctions. Since 2009, it has facilitated the more than 4.5 and Denver markets.
The first is the ongoing impact of artificial intelligence (AI) tools, which if deployed effectively provide an opportunity for property managers to increase operational efficiency and unlock business intelligence. New AI tools can eliminate the urgent, distracting busywork that leads to both retention issues and operational inefficiency.
Independent mortgage brokers are beginning to have the products and tech tools needed to compete with banks and large retail lenders, and customers are reaping the benefits of this growing channel. Smith : The glaring trend is the broker channel has been growing rapidly, and the retail sector is shrinking.
“We’re going to expand Guild’s brand presence nationally, deliver best-in-class marketing tools, technology and support for our sales teams, and infuse a culture of creativity and collaboration across the brand,” O’Daniel said in a statement.
HousingWire recently sat down with Insellerate CEO Josh Friend to discuss that very question and what strategies retail lenders should look to adopt from direct-to-consumer lending. HW: What are some strategies that retail lenders should look at adopting from direct-to-consumer lending?
In reality, the LOS is not the problem; the technology is doing exactly what it was designed to do. The LOS is a foundational piece of technology for every lender. Instead, lenders should focus on identifying the right tools for the job and setting realistic expectations for each.
The acquisition will strengthen Thrive’s retail channel and bring with it new territories amidst arguably the most challenging mortgage market since the early 1980s. . billion in loans over the past 12 months, 90% of it through the retail channel, according to data on mortgage tech platform Modex. We keep our company well capitalized.
Today, technologies like natural language processing and machine learning have moved from the research lab into something more tangible that commercial enterprises can take advantage of. AI has certainly been transformative, helping convert raw data into actionable insights for lenders and providing a competitive advantage in the process.
FTC sued ICE earlier this year alleging the two top mortgage technology providers would drive up costs, reduce innovation and limit lenders’ choices for mortgage origination tools. Full year 2023 ICE Mortgage Technology (IMT) revenues including the legacy IMT business and pro forma for Black Knight are expected to be between $2.05
In his new role, Hogle will manage the firm’s retail operations, overseeing growth and development of retail sales and the production network, while supporting the firm’s business channels. Hogle said he’s “delighted and honored” to join Cherry Creek’s “thriving retail organization.”.
ICE Mortgage Technology is poised to help lenders do just that with its consumer engagement solutions. The company’s technology also enables the lender to stay within the ICE Mortgage Technology ecosystem, providing them with everything they need from a single partner, which can help minimize not only complexities but costs as well.
After all, the average retail lender lost nearly $2,000 per loan in the first quarter, and I expect losses to be similar in Q2 and elevated in Q3. For the mortgage industry, more often it’s about making the very hard choices these days – exiting a channel, deciding which star performer to let go, etc.
Rick Arvielo: What’s interesting about our growth is that we are the 13 th largest retail IMB in the country, but we’re only in about a third of the United States. We grew with a call center model for the first 10 years and only got into outside distributed retail 11 years ago. What made Draper and Kramer a good fit for NAF to acquire?
The mortgage industry, in general, has lagged behind other industries in terms of maximizing the benefits of new technologies. As a mortgage technology executive, it would be my great pleasure to report that all a lender needs is great technology. Setting the mortgage industry up for success. Sadly, that’s not true.
“We’ve demonstrated the power of Total eClose through our integration with Finastra’s MortgagebotLOS, creating an innovative automation tool for every eClosing originated through the solution,” Dominic Iannitti , president and CEO of DocMagic, said.
They expect shops with a consumer direct model, which tend to be refi-heavy and rely on call centers for intake, will be more likely than retail shops to cut employees in the months to come. Retail people don’t get laid off as much because they own their book of business.
Her role will focus on technology to drive the company’s growth. Michael Brennan, president of Movement, said Waggoner can empower loan officers with the tools they “need to win.”. “She has a proven track record of leading sales-centric technology teams and delivering with speed to market,” he added.
The product aims to unify workflows for wholesale, retail, reverse mortgage, recruiting and more into a single system while also lowering IT costs, OptifiNow said in a statement. The same month, the company implemented its TPO CRM platform with Plaza Home Mortgage to leverage CRM tools to improve sales performance and marketing efficiency.
HousingWire recently sat down with Steve Meirink, executive vice president and general manager, Compliance Solutions, Wolters Kluwer’s Governance, Risk and Compliance Division, to discuss the impact of digital technology on mortgage and the future of digital lending in an era of accelerated innovation and digital transformation.
start the conversation, the duo dive into the details of Guilds acquisition of retail mortgage rival Academy Mortgage in February 2024. We’re a retail channel, full-service lender. We want to be able to provide a tool for any customer along their aging lifestyle. So, we’ve built our own technology.
The Atlanta mortgage lender, which offers agency and non-qualified mortgage (non-QM) products, will implement the tech firm’s Nexus Origination and Nexus Engagement tools. Angel Oak Home Loans, operating as one of Angel Oak’s residential lending businesses, continues to expand its retail presence across the country.
First American Financial Corporation ’s digital closing platform firm Endpoint is now offering a suite of integrated title tools specifically designed for proptech companies, investors and tech-forward real estate organizations looking for a scalable digital closing platform.
Polly, a software-as-service mortgage-technology firm that operates a loan-trading platform , has raised $37 million through a new funding round, its third since launching in 2019 — bringing the total raised from investors to $57 million. It operates more than 650 branches nationwide and employs some 4,000 people.
I think I built a very good system – good process and good technology. My plan is to open up my platform, my resources, [and] my technology to help LOs who join me. So, with technology, we can do a lot of things and we can scale. I think I built a very good system – good process and good technology.
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