Industry Watch: UWM adds one-time close construction loans, Rocket integrates into community bank app and more

Nashville-based Fourth Capital Bank became the first bank to integrate Rocket Mortgage’s digital mortgage application process with its own mobile app and digital banking platform, powered by Q2 Holdings.

United Wholesale Mortgage (UWM) announced that it will be offering one-time close new construction loans, offering a single closing and a single interest rate with automatic modification if the market improves once construction is complete. UWM also will facilitate communication with the builder and will provide checklists for the project and builder approvals, enabling all parties to communicate throughout the entire approval process. In addition, once the loan is closed, UWM will stay in direct communication with the builder on subsequent draws, as well as subsequent inspections to confirm the project is on pace. These one-time close construction loans are available through conventional products, including adjustable-rate and high-balance loans.

First American Financial Corp. announced the completion of its acquisition of assets of 1031 Solutions LLC, a full-service 1031 exchange company that provides qualified intermediary services for real estate exchanges, including reverse and improvement exchanges, to attorneys, tax advisors, real estate professionals and investors. All of 1031 Solutions’ capabilities will now be positioned under the First American Exchange Co. brand.

Marcus & Millichap opened a new office in the Century City commercial district of Los Angeles. The office has approximately 180 commercial real estate brokers and capital-markets financing professionals. The new Century City office is located at 1900 Avenue of the Stars. Marcus & Millichap now has 82 offices throughout the U.S. and Canada.


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