Industry Watch: Ocwen buys MSRs from Amerihome, Experian debuts employment verification and more

Experian has announced its expansion into employer services with the release of its new suite of real-time income and employment verification products, Experian Verify. The product is designed to improve borrowing experiences and support consumers with limited credit histories by allowing lenders to verify income and employment status in real-time. With a consumer’s consent, lenders can request the information from Experian and an income and employment report can be delivered to lenders through an API, online Experian dashboard or paired with an Experian credit report.

Greystone and MONTICELLOAM have announced their intention to combine their senior housing and healthcare lines of business under a new joint venture, anticipated to become a one-stop-shop provider of capital finance products and services for the senior housing and healthcare industry. Greystone originates over $3 billion overall in senior housing and healthcare finance across FHA, Fannie Mae, Freddie Mac, bridge and other proprietary platforms, while MONTICELLOAM services approximately $1.8 billion in senior housing and healthcare loans throughout the United States.

Ocwen Financial Corporation has announced that its wholly-owned subsidiary, PHH Mortgage Corporation, has entered into an agreement with AmeriHome Mortgage Company to purchase, in bulk, mortgage servicing rights (MSRs) with a total unpaid principal balance of approximately $48 billion. The bulk MSR portfolio is comprised of approximately 178,000 mortgage loans sold to or securitized by Freddie Mac and Fannie Mae. The transaction is projected to grow PHH’s total servicing portfolio by approximately 16%. Closing is expected late in the second quarter, subject to certain closing conditions, including regulatory approvals and finalizing an agreement between PHH and Western Alliance Bank to finance the MSR acquisition. The loans underlying the MSR portfolio are expected to transfer to PHH in September of 2021.

AAFMAA Mortgage Services LLC (AMS) has launched its latest addition to its Construction Advantage loan product set — the Construction Advantage One Loan. Targeted to borrowers in the military community, the product is a one-time close and one-time qualification mortgage program that complies with VA guidelines. Construction Advantage One Loan locks in the mortgage rate during the loan qualification stage and prior to beginning construction for the home. The homebuyer may qualify for up to 100% financing in order to buy the lot, finance home construction and obtain permanent financing such as a 30-year fixed-rate mortgage.

Realogy and Home Partners of America have jointly announced the accelerated expansion of real estate cash offer program RealSure. Launching in six new markets — Los Angeles; Salt Lake City; San Diego; Charlotte; and Charleston and Columbia, South Carolina — the expansion brings RealSure’s availability to home sellers in 21 major metros.

Snapdocs has raised $150 million in Series D funding. The round was led by Tiger Global with participation from Sequoia, Y Combinator, F-Prime, Maverick, Alkeon and Wellington Management. This brings Snapdocs’ total funding to $260 million and increases valuation to over $1.5 billion.

Stewart Information Services Corporation has announced its acquisition of Cloudvirga, adding the company’s customer engagement technology platform to its suite of products.

Homeward has announced it has secured growth capital of $371M, including $136M in equity and $235M in debt. Norwest Venture Partners led the equity financing, with Norwest managing partner Jeff Crow joining Homeward’s board. Also participating were Blackstone Alternative Asset Management, Breyer Capital, and existing investors Adams Street, Javelin and LiveOak Venture Partners. The company intends to use the funding to scale service and support to meet demand in the housing market.


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