Industry Briefs Nov. 7, 2023

FHA Releases Consolidated Guidance for Home Equity Conversion Mortgage Program

The Federal Housing Administration announced the publication of comprehensive policies for the Home Equity Conversion Mortgage program, and the inclusion in the Single-Family Housing Policy Handbook 4000.1. This allows all the HECM program requirements to be available in a single place.

It also eliminates more than 100 policy documents associated with the program.

“Home Equity Conversion Mortgages (HECM) are one of the strongest tools we have to ensure thousands of seniors can age in place,” said Department of Housing and Urban Development Secretary Marcia L. Fudge. “This new guidance will give people one single place to easily access the information needed to obtain and maintain a HECM.”

Additional resources will be available soon, including updated model documents, FAQs, trainings and an online version of the handbook with the new sections.

CoreLogic Rolls Out Enhanced AutomatIQ Borrower VOE/I

CoreLogic, Irvine, Calif., announced enhancements to its AutomatIQ Borrower Verification of Employment and Income to offer lenders more flexibility.

The company now offers four different verification options, to streamline operations.

There are two new options in the system: One is Experian Verify, which provides instant access to income and employment data from Experian’s network of payroll and proprietary employer data. It supports Day 1 Certainty from Fannie Mae and Loan Product Advisor asset and income modeler (AIM) from Freddie Mac.

The other is Borrower Assisted Payroll, which allows consumers to input their payroll credentials on a vendor website.

LenderLogix Q3 Report Shows Slight Drop in Activity

LenderLogix, Buffalo, New York, released its Q3 Homebuyer Intelligence Report, which provides a summary of insights into borrower behavior during the home buying process.

LenderLogix uses its suite of tools to collect the data.

It found that in the third quarter, borrowers generated 45,527 pre-approval letters, down about 23% from Q2.

The average pre-approval letter loan amount was down 2.5% from the previous quarter, to $295,312, however the average sales price was fairly flat. Conventional loans remained the most popular loan type.

Per the QuickQual data, the average number of days between pre-approval and loan submission increased to 89.8 days, up only half a day from Q2.

Down Payment Resource Inks Deals with Mortgage Lenders

Down Payment Resource, Atlanta, announced the recent onboarding of six mortgage lenders, including Elevations Credit Union, Embrace Home Loans, Homeowners Financial Group, HomeStreet Bank, RWM Home Loans and a regional bank.

“With consumer awareness and demand for down payment assistance (DPA) programs on the rise, DPR has become an invaluable resource for lenders seeking to assist homebuyers to navigate the challenges posed by high interest rates and soaring home prices,” said Down Payment Resource Founder and CEO Rob Chrane. “It is with great pride that we welcome these lenders who have a shared commitment to growing homeownership in their communities by supporting homebuyer assistance programs.”

Ncontracts and findCRA Announce Strategic Relationship

Ncontracts, Brentwood, Tenn., and findCRA, Louisville, Ky., have announced a strategic relationship which the companies say will allow banks to benefit from the natural alignment in their product offerings.

They both offer software that assists banks of all sizes in meeting regulatory requirements under the federal Community Reinvestment Act.

“Ncontracts is excited to work with findCRA to offer banks more ways to meet their CRA requirements and demonstrate their commitment to community stewardship,” said Michael Berman, Ncontracts founder and CEO.

FormFree Launches FormFree Exchange

FormFree, Athens, Ga., announced FormFree Exchange, an online marketplace to match lenders with qualified borrowers.

Lenders will receive data from borrowers ready and willing to transact via an anonymous Qualified Borrower Medallion. Information provided by the process will include intent, assets, income, employment, ATP analytics, and CRA and DPA eligibility.