Finance of America (FOA) finalized the closing of its previously announced acquisition of the assets of direct-to-consumer reverse mortgage lender American Advisors Group. Per FOA, the transaction closed on March 31, 2023.
CrossCountry Mortgage announced that it has started to offer downpayment assistance to aspiring first-time homebuyers via Freddie Mac’s BorrowSmart AccessSM program. The program provides borrowers with up to $3,000 that can be used toward a downpayment and/or closing-cost assistance. To qualify, at least one borrower must be a first-time homebuyer with an income of no more than 140% of their area media income. The property must be a one- or two-unit primary residence in one of the following metro areas: Atlanta; Chicago; Detroit; El Paso, Texas; Houston; McAllen-Edinburg-Mission, Texas; Memphis; Miami; Philadelphia; or St. Louis. Homebuyer counseling is required.
PrimeLending announced the addition of reverse mortgages to its product line, enabling eligible homeowners to access a portion of their home equity as a source of income during their retirement years.
Homepoint announced that it has entered into a definitive agreement to sell certain assets of the company’s wholesale originations channel to The Loan Store, a national wholesale lender headquartered in Tucson, Arizona. As a result of the deal, Homepoint — the third-largest wholesale lender by origination volume in 2022 — is winding down its nine-year tenure as a direct participant in the originations market. According to a statement from the company, it will maintain its mortgage servicing rights portfolio, and it will hold an equity interest in The Loan Store.