Homepoint is expanding its program offerings to help additional eligible low-income borrowers take advantage of low interest rates to lower their mortgage payment. The company is now offering Freddie Mac’s Refi Possible refinance option, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate. Additionally, Homepoint will provide a maximum $500 appraisal credit for borrowers who are not eligible for an appraisal waiver. Flexible loan terms are available, so borrowers are not required to extend their loan term.
United Wholesale Mortgage (UWM) introduced its interest-only prime jumbo loan option. With the release of the Prime Jumbo Interest Only product, UWM borrowers will be able to make interest-only payments over the first 10 years of their 30-year mortgage, followed by a 20-year amortization period. The company has been diligent in adding prime jumbo-oriented offerings to its stable this year, with Prime Jumbo Interest Only following the launches of Prime Jumbo and Prime Jumbo ARMs in 2021.
Mr. Cooper Group announced that it has completed the sale of its reverse mortgage servicing portfolio, operating under the Champion Mortgage brand, to Mortgage Assets Management LLC and its affiliates. Mr. Cooper Group estimated that pro forma for the sale, its ratio of tangible net worth to total assets was approximately 17.5% as of Sept. 30, 2021, consistent with its prior disclosures.
Angel Oak Home Loans announced the opening of new branches in Aptos, California; Carson City, Nevada; and Salt Lake City. The branches are led, respectively, by Mark Junod, Sean Kiernan and John Newman. The Salt Lake City location will be under Angel Oak’s consumer direct division, with its team actively looking to hire inside sales professionals.