Industry Watch: New American adds RefiNow, Homepoint organizes regionally and more

New American Funding is now offering Fannie Mae’s RefiNow program, allowing low-income borrowers to refinance their fixed-rate mortgages. The program requires that eligible borrowers receive a savings of at least $50 on their monthly mortgage payment and a reduction of their interest rate of at least 0.5%. To qualify, borrowers must have an owner-occupied, one-unit, single-family mortgage backed by Fannie Mae; have an income at or below 80% of the area median income; have a mortgage that was originated at least 12 months ago; have not missed a mortgage payment in the last six months; have not missed more than one payment in the last 12 months; and have a mortgage with a loan-to-value ratio lower than 97%, a debt-to-income ratio below 65% and a credit score as low as 620.

Homepoint has announced the launch of Homepoint Amplify, a new service model that combines localized support with the company’s national platform. Under this new model, Homepoint will form regional support teams aligned with Homepoint’s six regions: Central, Northeast, Northwest, South, Southeast and Southwest. Each region will have designated teams of loan coordinators, underwriters, closers and loan funders paired with account executives that already service broker partners in those respective areas. The goal of the regional organization, according to a statement from Homepoint, is to “provide brokers with a uniquely intimate partnership arrangement with designated specialists that gives a ‘small lender’ feel – with the technology, resources and capabilities of a large lender.”

Angel Oak Home Loans has announced the opening of two new branches located in Centennial, Colorado, and Natchez, Mississippi. Michael Chabot, VP, licensed area manager at Angel Oak Home Loans, will lead the lender’s Colorado branch and Britni Gwin will manage the Mississippi office. The two locations mark the firm’s fifth and sixth branch opening in the span of 30 days.

MFA Financial has announced the completion of its previously announced acquisition of Lima One Holdings, the parent company of Lima One Capital. As had been anticipated, MFA has also acquired from certain members of management of Lima One their ownership interests in Lima One Holdings. With the completion of these transactions, MFA now owns all of the outstanding ownership interests of Lima One Holdings and Lima One Capital. Lima One’s executive leadership team has joined MFA, and they will continue to manage Lima One’s business from its base in Greenville, South Carolina.


More Headlines