Industry Briefs Aug. 7, 2023

CBC Mortgage Agency Adds USDA Loans

CBC Mortgage Agency, South Jordan, Utah, announced it has been approved by the U.S. Department of Agriculture to provide 30-year mortgage loans for borrowers outside of urban and suburban areas.

CBCMA is a Native American wholly owned and federally charted housing finance agency.

The USDA program offers 100% financing, which will aid low- to moderate-income families in rural areas. Up to 90% of the original principal amount of USDA-based 30-year notes are guaranteed by the agency.

TrustEngine Rolls Out Latest Mortgage Market Opportunities Report

TrustEngine, Owings Mills, Md., released its Mortgage Market Opportunities Report for the second quarter.

The report identifies the market opportunities of relevance to U.S. lenders and borrowers based on alert data from more than 150 residential mortgage lenders. In terms of major takeaways for mortgage lenders:

• New listing alerts from existing mortgage customers were up 26.23% quarter-over-quarter, despite tight inventory.
• Risk and retention alerts are down for the second straight quarter, as consumers report attempts to rein in credit card debt. Equity alerts fell in the second quarter, but the overall portion of “equity-rich” homes is about twice as high as it was in 2020.
• Rate alerts and rate-and-term alerts were up slightly as rates start to improve. That trend seems likely to continue, TrustEngine predicts.

Redfin Includes Wind Factor Data From First Street Foundation

Redfin, Seattle, has started incorporating wind risk data from First Street Foundation, New York, for nearly every for-sale property in the U.S. listed on its platform.

First Street Foundation’s Wind Factor is a property-level risk model that estimates the likelihood of wind damage based on current and projected wind exposure from hurricanes. It also takes into account how wind exposure may shift in the next 30 years.

A recent Redfin-commissioned survey found 49% of U.S. residents who moved in the last year believe the increasing frequency and intensity of natural disasters and other climate-related factors will impact home values in their area over the next decade, among other findings.

Arc Home Incorporates Tavant’s Lending Platform

Tavant, Santa Clara, Calif., announced Arc Home, Mount Laurel, N.J., launched a new broker platform, SPARC 2.0, leveraging Tavant’s Touchless Lending Broker Experience platform.

Tavant said this will provide Arc Home with an automated experience for its broker clients and the lending tools they need to be self-sufficient and satisfy borrower expectations.

Arc Home provides a full assortment of proprietary non-QM and non-Agency mortgage solutions and products; the new broker portal will also allow Arc Home to include third-party services and data-driven processes.