article thumbnail

Figure Technologies launches wholesale lending platform

Housing Wire

Mike Cagney’s Figure Technologies rolled out a wholesale lending platform that will give loan originators access to the company’s home equity line of credit (HELOC) offering. Approval may be granted in five minutes but is ultimately subject to verification of income and employment.

Lending 370
article thumbnail

Sierra Pacific’s Fast Track process gives brokers a more robust pre-approval, shortening cycle times

Housing Wire

In today’s booming housing market, mortgage brokers want to be able to close loans faster and more efficiently. We have a proven legacy of supporting brokers with unparalleled service throughout the entire process by strengthening the human approach, while also integrating technology. Jay Promisco, Chief Production Officer.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Opinion: Is the lending market overcorrecting toward tech? Maybe

Housing Wire

Worsening market conditions are only going to accelerate an already hyper-competitive mortgage lending industry that is still learning to adapt to post-pandemic homebuying behaviors. Technology has been the focal point of that evolution more out of necessity than some consensus that homebuyers don’t want to interact with their lenders at all.

Lending 370
article thumbnail

Guaranteed Rate’s new mobile app allows LOs to provide 24/7 service

Housing Wire

The PowerVP app will create new loans; invite customers to complete a digital mortgage; send a one-click conditional approval letter; lock in rates ; obtain real-time pricing and run a credit report, the company said in a release. market share, IMF data showed. Agents submitting an offer at 8:30pm? The lender originated $10.6

article thumbnail

With 20% market share, independent mortgage brokers are competing directly with retail lenders

Housing Wire

In today’s low-rate environment, wholesale mortgage lending continues to grow, making up more than 20% market share. Nichols pointed out that after the 2008 financial crisis, wholesale lending began using technology that helped match pace with the processes of retail lenders. We’re not out building a retail person’s name.

Mortgages 370
article thumbnail

How to maintain loan quality in a rapidly changing market

Housing Wire

With so much changing in the market, it’s no surprise that the risk of mortgage fraud has increased this year. HousingWire: In this time of market change and as we head towards the last quarter of 2022, what are the hot topics in risk, fraud prevention and loan quality? DG: We’ve all been keeping up with the headlines.

Loans 370
article thumbnail

Better closes merger with SPAC Aurora, unlocks $565M in fresh capital

Housing Wire

Better faced the deterioration of the mortgage market due to surging rates. Better plans to be a mortgage marketplace that sells its technology platform to other companies. “Our It also dealt with the bad press after Garg laid off employees via Zoom in December 2020. In January 2023, Better announced a One-Day Mortgage.

Closing 370