Industry Watch: Homepoint adds ARMs, new UWM product eliminates mortgage insurance and more

Homepoint announced that it is making five-, seven- and 10-year adjustable-rate mortgages (ARMs) available to its nationwide network of mortgage broker partners. Homepoint’s ARM options are available on high-balance conventional and agency products, with loan-to-value (LTV) ratios of up to 95%. SOFR ARMs are based on the latest industry-standard Secured Overnight Financing Rate, with an initial fixed rate that can be significantly lower than the available fixed rate. SOFR ARMs adjust every six months after the initial rate expires and feature a 1% cap at each adjustment to help minimize the rate-fluctuation risk for borrowers.

SitusAMC published a “Field Guide” for mortgage industry participants looking to understand and navigate the federal housing and lending landscape. The company’s Field Guide to the Federal Government for Housing & Housing Finance provides a professional and in-depth perspective on the key influencers in Washington, D.C., along with their impact on the single-family and multifamily housing industries. It also provides insights on how housing finance in D.C. works and gives an overview of the process to best navigate it. The free guide is available on SitusAMC’s website.

LoanDepot Wholesale launched the newest iteration of its mello broker portal. According to the company, a number of new and enhanced “Closing Connection” features within the portal use loanDepot’s proprietary technology to streamline the closing process for brokers. These new features include lists to let brokers know what steps are needed before closing can be scheduled; the ability to enter, update, approve and verify fees; the ability to request documents and schedule or update closing dates; generation of an informational preclosing package to review pertinent documents and accurately calculate recording fees; and uploads of any outstanding documents. Additional upgrades coming soon include the ability to retrieve and upload the closing package and confirm wire details.

NCino announced that it has entered into a definitive agreement to acquire SimpleNexus in a stock and cash transaction valued at approximately $1.2 billion. SimpleNexus software serves more than 300 independent mortgage banks, 80-plus banks and credit unions, and more than 41,000 loan originators nationwide. The acquisition of SimpleNexus, according to a statement from nCino, initially expands the company’s serviceable, addressable market by more than $4 billion.

United Wholesale Mortgage (UWM) announced the launch of MI Buster, a purchase product that eliminates mortgage insurance (MI) for borrowers who put as little as 10.01% down, rather than the traditional 20%. MI Buster is available for conventional purchase loans starting at $200,000, as well as high-balance loans with an LTV between 80.01% and 89.99%.


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